NEW YORK - Independence Community Bank Corp. said Monday that it has an agreement to acquire the assets and staff of the former Summit Bank's mortgage banking finance group for an undisclosed sum.
The deal, which is expected to close this month, would add eight employees and more than $127 million of warehouse lines of credit, including $65 million of outstanding advances, to Independence's mortgage warehouse operation.
The lending unit, a part of FleetBoston Financial Corp. since it closed its deal for Princeton, N.J.-based Summit last month, supplies warehouse lines of credit to mortgage bankers in the New York area.
