Chemical Banking Corp., like many commercial banks, has been bitten by the mortgage bug. That became very clear last week when the New York giant announced plans to buy Margaretten Financial Corp., one of the nation's largest mortgage banks, for about $372 million.

Thomas Jacob, Chemical Bank's executive vice president in charge of its national consumer business group, played a key role in the decision to buy Margaretten and will oversee the integration of its mortgage operations with Chemical's.

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