INDIANAPOLIS - First Indiana Bank has bought $321 million of servicing rights from two other institutions, it announced.

The purchase will put its portfolio above $1.1 billion, said Owen B. Melton Jr., president and chief executive. He said the rights purchase was the biggest in the bank's history. "The expansion of our servicing rights portfolio is a key strategy in our plan to diversify sources of income at central Indiana's leading mortgage banker," he said.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.