MANUFACTURERS HANOVER MORTGAGE SUBSIDIARY PURCHASES CENTRUST MORTGAGE BUSINESS
MANUFACTURERS HANOVER MORTGAGE SUBSIDIARY
PURCHASES CENTRUST MORTGAGE BUSINESS
NEW YORK, Nov. 21 /PRNewswire/ -- Manufacturers Hanover Corporation (NYSE: MHC) today announced that its mortgage subsidiary, Manufacturers Hanover Servicing Inc., has purchased the first mortgage loan origination business of CenTrust Mortgage Corporation.
Manufacturers Hanover Servicing Inc.'s agreement includes the acquisition of 30 retail and 13 correspondent loan origination offices in 13 states and the mortgage corporation's production and marketing facilities in Deerfield Beach, Fla. These operations are originating approximately $1.6 billion annually in first mortgage loans and employ about 500 nationwide.
Terms of the transaction were not disclosed.
"Although discussions for this acquisition started before the announcement of the merger agreement between Manufacturers Hanover Corporation and Chemical Banking Corporation, the purchase will complement the merged bank's national mortgage strategy," said James Fitzgerald, managing director in charge of Manufacturers Hanover Residential Mortgage Corporation. "Together with our residential finance and mortgage servicing units, we believe this acquisition will significantly strengthen our ability to continue profitably expanding our mortgage banking business."
Manufacturers Hanover Corporation and Chemical Banking Corporation will combine in a merger of equals, pending regulatory approval, by year-end 1991.
/CONTACT: Judy Walsh of Manufacturers Hanover, 212-270-2914/
(MHC) CO: Manufacturers Hanover Corporation; CenTrust Mortgage Corpora ST: New York, Florida IN: FIN SU: TNM FC-CK -- NY073 -- 5950 11/21/91 13:42 EST