First Chesapeake Financial Corp. said it would buy three mortgage companies as part of a national expansion plan.

First Chesapeake did not identify the targets, but it said the merged gross monthly closed-loan production of the three would exceed $30 million and that, based on past performance, annual net profits would exceed $2 million.

Due diligence is expected to be completed in the fourth quarter, and the transactions are expected to close by yearend.

First Chesapeake said it plans to make more mortgage acquisitions through its subsidiary, First Chesapeake Funding Corp., Plantation, Fla.

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