Fifth Third Bancorp said Friday it has agreed to buy Vanguard Financial Co., a commercial mortgage lender.

The banking company would rank among the top 30 commercial real estate finance companies, with a servicing portfolio of $2.7 billion, if the deal closes.

Vanguard originated more than $400 million in financing and equity transactions last year; its loan servicing portfolio exceeds $700 million.

This is Fifth Third's second deal for a commercial mortgage lender. Last year it bought W. Lyman Case of Columbus, Ohio.

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