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MORTGAGE SERVICE AMERICA, INC. TO ACQUIRE ELEVEN OFFICES OF DOMINION BANKSHARES MORTGAGE, CORP.

 MCLEAN, Va., March 1 /PRNewswire/ -- Mortgage Service America, Inc., of Phoenix, Arizona, has entered into an agreement to acquire 11 mortgage origination offices of Dominion Bankshares Mortgage Corporation, primarily located in metropolitan Washington, D.C. These offices, which serve the Realtor and builder communities, originated $1.2 billion in residential loans in 1992.
 MSA will also acquire Dominion's residential mortgage support functions located in McLean. The transaction is expected to close April 1. Terms of the sale were not disclosed.
 This is MSA's first entry into the East Coast.
 According to Sandy D. Robertson, president of Mortgage Service America Co., "These 11 new offices will make Mortgage Service America Co.'s broad range of loan products and competitive rate programs available to home buyers right away. This opportunity for rapid growth in the D.C. market is an excellent one for us. Mortgage Service America Co. and its affiliates are one of the largest independent mortgage bankers in the U.S. This acquisition enhances our ability to reach and serve strong East Coast markets."
 First Union Corporation, which completes its acquisition of Dominion Bankshares Corp. today, will retain the remaining 20 offices of Dominion Bankshares Mortgage, as well as the $7 billion mortgage servicing portfolio. All existing Dominion mortgages will continue to be serviced by First Union in Roanoke.
 Larry Hamilton, executive vice president for Dominion Bankshares Mortgage Corp. said, "We're pleased that we could structure this transaction in a way that's a win-win for all parties. MSA is entering an attractive new market, First Union is keeping its valued Dominion customers, and this transaction provides continued employment for more than 250 Dominion employees."
 Effective April 1, 1993, Hamilton will become president of Mortgage Service America Co., Mid-Atlantic Region.
 The 11 offices being acquired by MSA include five offices in metropolitan Washington, D.C., and one office each in Richmond, Roanoke, Blacksburg, Virginia Beach, Newport News and Nashville, Tenn.
 "First Union will continue to offer residential mortgages through the remaining 20 Dominion retail banking mortgage offices, which serve the Dominion banking offices," said Karyn Treble, senior vice president of retail residential production for Dominion Mortgage. "And customers whose mortgages are serviced by Dominion will continue to get the same superior service they've come to expect."
 Pending mergers will increase First Union Mortgage Corporation's mortgage servicing portfolio to more than $40 billion, one of the 10 largest mortgage servicers in the country. First Union Mortgage is a principal subsidiary of Charlotte-based First Union Corporation (NYSE: FTU FTUpr), which is expected to have assets of $71 billion and be the nation's eighth largest bank holding company after pending acquisitions.
 In 1992, Mortgage Service America Co. and its affiliates funded more than $5.1 billion in residential loans. The group's servicing portfolio tops $7 billion. In addition to the new offices, the group has 41 offices in six western states, including California.
 -0- 3/1/93
 /CONTACT: (Media), Sandy Deem of First Union, 704-374-2710, or Barbara Ziedel of MSA, 707-792-2700/
 (FTU DMBK)


CO: First Union Corporation; Mortgage Service America, Inc.; Dominion
 Bankshares Mortgage Corporation ST: Virginia, Arizona IN: FIN SU: TNM


MM -- CH007 -- 1573 03/01/93 16:14 EST
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Publication:PR Newswire
Date:Mar 1, 1993
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