Hanover Buys Mortgage Unit

Manufacturers Hanover Corp. said it has purchased the loan originations business of CenTrust Mortgage Corp., Deerfield Beach, Fla.

The deal, involving 43 origination offices in 13 states, has been in the works for a few months.

It has been seen as a sign that Hanover and Chemical Banking Corp. plan to be a major mortgage player when their planned merger is complete.

"Although the discussions for this acquisition started before the announcement of the merger between Manufacturers Hanover Corp. and Chemical Banking Corp., the purchase will complement the merged bank's national mortgage strategy," said James Fitzgerald, managing director of Manufacturers Hanover Residential Mortgage Corp.

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