Astoria Financial has put up for sale the seven retail mortgage branches of its Entrust Home Financing division, according to people familiar with the situation.
Astoria got the branches when it bought Long Island Bancorp last year. The thrift has hired investment bank Warburg Dillon Read LLC to advise it on the sale.
National City Mortgage, PNC Mortgage, Roslyn Savings Bank, Greenpoint Bank, and Staten Island Savings Bank are among those said to be considering buying the branches.
Officials at PNC, Staten Island, Roslyn, and Warburg Dillon Read declined to comment. Officials at Astoria, National City, and Greenpoint did not return phone calls seeking comment.
The seven branches together produced $1.5 billion of new mortgages last year, according to an executive who has reviewed the package. According to the customary formula for valuing retail branches-1% to 1.25% of annualized production-the branches would sell for $15 million to $20 million.
The offices are in Atlanta; Raleigh, N.C.; Richmond, Vienna, and Virginia Beach, Va.; and Gaithersburg and Columbia, Md.