HARRISBURG, Pa. -- Dauphin Deposit Bank and Trust Co. has completed the acquisition of Eastern Mortgage Services Inc., a mortgage banking company based in in Trevose, Pa.
Dauphin says it paid about $20 million in cash for all the outstanding stock of Eastern Mortgage. The price is subject to adjustments after the closing.
Marvin Bank, managing director and chief executive officer of Eastern Mortgage, will continue in that capacity.
Eastern Mortgage services about $635 million of first-mortgage loans on residential property, primarily in eastern Pennsylvania and in New Jersey.
