Margaretten mulls several big bank bids.

Margaretten Financial Corp., moving a step closer to selling itself, said Thursday that it had recevied offers from " several major fianncial insitutions."

Earlier in the week, the New Jersey-based mortgage bank and disclosed that it was in discussions over a possible sale.

Industry indisers speculate that the bidders include Chase Manhattan Corp., Chemical Banking Corp., and Nations-Bank Corp., Spokesmen for each declined to comment. declined to comment.

Margaretten, which has offices in 20 states and services some $15.6 billion of loans, would be one of the largest mortgage companies ever to change hands. The discussions come as analysts are predicting an accelerated consolidation of the mortgage indusry.

'Reviewing the Offers'

"The company is reviewing the offers and expects it will continue discussions with one or more of the institutions," Margaretten said in a news release.

"There can be no assurance that these discussions will result in a acquisition of the company," the release added.

Sources say that Margaretten began solicting bids after one big bank had approached it with an uninvited offer. Margaretten retained Goldman, Sachs & Co. to handle the effort.

Margaretten's stock was trading at $20.25 Thursday afternoon, up from $15 at the end of last week.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER