Midlantic Corp., Edison, N.J., announced the completion of its acquisition of Old York Road Bancorp.
The previously announced purchase of Old York, based in Willow Grove, Pa., will expand Midlantic's presence in southeastern Pennsylvania. Old York's subsidiary, the Bank and Trust Company of Old York Road, had 14 offices that were merged into Midlantic Bank.
"The acquisition enhances Midlantic's position . . . particularly in Montgomery County, where Midlantic will now hold approximately a 13% share of bank deposits," said Garry J. Scheuring, chairman, president, and chief executive officer in a press release.
Separately, First Tennessee Bank, Memphis, the principal subsidiary of First Tennessee National Corp., said it had completed its previously announced acquisition of certain assets of HomeBanc Mortgage Corp., Atlanta's leading residential first mortgage lender.
In another development, First Commercial Corp., Little Rock, Ark., announced an agreement to acquire servicing rights and other assets of the former National Home Mortgage Co., San Diego.
The sale of the servicing assets was conducted by the Resolution Trust Corp., which seized NHMC two years ago.
Under the agreement, First Commercial will acquire about $5 billion of servicing rights to more than 60,000 mortgages nationwide.
"We have always been an active player in the mortgage servicing arena," said Jack Fleischauer Jr., president and chief executive officer of First Commercial, in a press release, "but rarely does such an attractive package come along."
The transaction is expected to close in late August.
Another deal was completed recently - First Federal Savings' acquisition of Sibley Mortgage Corp.
First Federal, Rochester, N.Y., bought $1.6 billion of servicing from Sibley, also based in Rochester. The purchase also expands First Federal's origination operations in the New York metropolitan area, upstate New York, and Cincinnati.