DETROIT - Comerica Mortgage Corp., Comerica Inc.'s mortgage banking subsidiary, has acquired some assets and liabilities of Edgemark Mortgage Corp., an Illinois-based lender.
The deal is another indication of commercial banks' growing appetite for mortgage banking companies.
PNC Bank Corp. recently acquired the Sears Mortgage Banking Group, and First Tennessee National Corp. has made two recent mortgage-banking acquisitions.
Security analysts and other industry observers expect other such acquisitions in the near future.
Branch Experience a Key
The terms of the Comerica deal were not disclosed. Edgemark's mortgage closings are expected to total more than $225 million this year.
Peter Kehoe, senior vice president of Comerica Mortgage, said his company was attracted by Edgemark's wholesale lending expertise, focused marketing strategy, and experience in working with bank branches.
Comerica Bank-Illinois has offices in Chicago, Addison, Barrington, Cicero, Glencoe, Franklin Park, Lake Zurich, Morton Grove, Schiller Park, Skokie, and Woodstock - areas served by Edgemark.
Brad Springer, president of Edgemark, will manage the Illinois region of Comerica Mortgage Corp.
Comerica Inc. is a $28.5 billion-asset holding company based in Detroit.
In addition to Michigan and Illinois, it operates banks in California, Texas, and Florida.