BUFFALO - First Empire State Corp. says its M&T Mortgage Corp. unit has agreed to acquire the mortgage servicing rights and origination franchise of Exchange Mortgage Corp., a full-service mortgage banking company based in Huntington Station, N.Y.

Formed in 1960, Exchange had total mortgage originations of about $177 million in 1994 and services a portfolio of about $370 million. It operates one retail office in Suffolk County, N.Y., and another in Queens, N.Y.

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