KALAMAZOO, Mich. -- First of America Mortgage Co. has entered a new market with the acquisition of Pioneer Mortgage Company, a division of Pioneer Savings Bank.

Pioneer Mortgage has five offices, all in North Carolina. They are in Raleigh, Jacksonville, New Bern, Rocky Mount, and Wilmington.

A Small Company

The five-year-old company is relatively small and specializes in government-insured residential loans. No purchase price was announced.

David L. Stimpson, president of First of America Mortgage, a subsidiary of First of America Bank Corp., said the acquisition not only expands his company's market area but broadens its product mix.

First of America Mortgage has retail offices in Arizona, Florida, Illinois, Missouri. Its servicing portfolio is about $6 billion.

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