Commonwealth Bank, a thrift that has been trying to become more bank-like, said Friday that it was selling off its five loan production offices and would outsource the servicing of its home mortgage portfolio.

The subsidiary of $1.9 billion-asset Commonwealth Bancorp in Norristown said it had agreed to sell its ComNet Mortgage Services, which operates the loan production offices, in Pennsylvania and Maryland, to American Home Mortgage Holdings Inc. of Melville, N.Y. The deal, which requires regulatory approval, is expected to close in the first quarter.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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