BancBoston Mortgage Corp. has announced an agreement to purchase Bell Mortgage Co., Minneapolis.
"The acquisition of Bell, which originated some $275 million in residential mortgage loans in 1994, in conjunction with the recent acquisition of a branch office in Houston and the opening of three other Midwest offices, significantly increases our mortgage origination business and will help us to continue to expand our retail capabilities throughout the country," said Joe K. Pickett, chairman of BancBoston Mortgage.
Mr. Pickett is this year's president of the Mortgage Bankers Association of America, Washington.
The purchase brings 85 employees to BancBoston, most of whom are originators. They will work out of three offices in Minneapolis.
Gary Kirt and Mike Fannon, Bell's principals, will continue to run Bell as a division of BancBoston.
In March, BancBoston acquired the Houston office of AmSouth Mortgage Co., and opened three new retail offices, in Kansas City, Kan., Gladstone, Mo., and St. Louis.
In 1994, BancBoston Mortgage originated $9 billion of mortgages. It will now have 25 retail production offices in 13 states.
Bell Mortgage is a 115-year-old privately held mortgage origination company.
Separately, Alliance Mortgage Co., Jacksonville, Fla., has announced its purchase of Park Avenue Mortgage, Orange Park, Fla.
Alliance bought Park Avenue from owner Robert McAfee. Terms were not disclosed. Alliance will retain the Park Avenue name for the two retail offices it bought.
"This purchase allows Alliance to continue its goal of growth in the retail lending market," said Tom Palmer, executive vice president at Alliance.
Alliance Mortgage originates, purchases, sells and services residential first mortgages.