QUINCY, Mass. - The Hibernia Savings Bank announced that it has an agreement for the sale of servicing rights to 798 residential mortgage loans with outstanding balances of $69.1 million.
The sale will produce gross revenue of nearly $900,000 and, after expenses and taxes, net revenue of about $462,000, the bank said. The deal will be completed during the second quarter.
Mark A. Osborne, chairman and chief executive, said, "We are an institution with a community bank operating philosophy, and the transfer of these customer relationships to another financial institution was a difficult bridge for us to cross.
"However, the additional capital generated by the sale of these servicing rights will allow us to continue to expand the scope of our franchise, our business activities, and the number of customers we serve."