CHARLOTTE - First Union Corp. said Tuesday that it had agreed to buy two document custody centers - in Jacksonville, Fla., and Pasadena, Calif. - from Bank One Corp. for an undisclosed sum.
About 125 Bank One employees would join First Union's document custody group, which maintains the files for the company and several clients, including mortgage originators and others who buy and sell loans in the secondary market.
The deal, which is expected to close Aug. 31, would boost the unit's staff to 225 and its locations to 10 around the United States. First Union said the deal would make it one of the country's five largest document custodians, with about 6 million loan files.
