In Brief: Bank of Boston Unit Buys Bell of Minneapolis

Published June 06, 1995, 1:00 a.m. EDT

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Updated May 20, 2007, 2:40 p.m. EDT

1 Min Read

BOSTON - BancBoston Mortgage Corp., had completed the previously announced acquisition of Bell Mortgage Co., Minneapolis. The price was not disclosed, but the bank said it was at the book value of Bell Mortgage, which was privately held. Additional cash may be paid to Bell shareholders based on performance. The deal will add 85 people to the mortgage unit's staff, mostly loan originators, at three Minneapolis offices. Gary Kirt and Michael Fannon, principals of Bell, will continue to run the company as a division of BancBoston Mortgage. Bell originated about $275 million of home loans last year. The BancBoston now has 25 offices in 13 states.

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