Bank of America expects its $14 billion purchase this week of servicing rights from First Bank System to strengthen its name recognition among Midwest consumers, said Arthur Ringwald, who heads the California bank's mortgage division.

"Our name in Minnesota, for example, is not on the same level as FBS (First Bank System) or Norwest," said Mr. Ringwald, a group vice president. "To the extent I buy a lot of customers, and I'm suddenly servicing those customers, and I'm mailing solicitations to them for various products - credit cards and home equity lines - all of a sudden we're building awareness of Bank of America."

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.