The bidding for Empire of America Realty Credit Corp. has been narrowed from seven potential buyers to three, according to sources.
They are said to be Wesav Mortgage Corp. of Scottsdale, Ariz., Household Commercial Financial Services of Prospect Heights, Ill., and an unidentified investor. Wesav officials declined to comment. Bankers from Empire and Household did not return calls.
The finalists are said to be performing due diligence. A winner is expected in early fall.
Expansion Potential
Wesav, a unit of First Western Corp., is thought to be interested partly because of the opportunity to branch into a new geographic area.
Household Commercial has also been known to be looking for a property to expand its mortgage banking operations. It was a strong bidder for the mortgage banking properties of Sears, Roebuck & Co. earlier this year. PNC Bank Corp., Pittsburgh, was the winner.
Buffalo-based Empire originated some $4 billion in mortgages last year and has a servicing portfolio of about $6.8 billion. The company was bought from the Resolution Trust Corp. for $40 million in 1991 by Carbadon Corp., which is a joint venture of Cargill Inc., Gordon Investments, and a venture capital pool affiliated with Prudential.
