WASHINGTON -- The Federal Deposit Insurance Corp. has awarded a Banc One Corp. subsidiary a three-year contract to provide commercial mortgage loan servicing for performing and subperforming mortgage loans inherited from failed banks.

About 5,000 commercial mortgage loans, with a book value of $1.7 billion, will be transferred to Banc One Management and Consulting Corp., a Dallas-based unit of the Columbus, Ohio, banking company.

Banc One Management and affiliates currently manage and service more than 15,000 assets consisting of loans and foreclosed real estate with a book value in excess of $3 billion.

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