Union Planters Corp. said Wednesday that it bought the wholesale mortgage production operations of First American Bank Texas.
The deal marks Union Planters' entry into third-party origination, said Joel Katz, president and chief executive officer of the bank's mortgage unit. Mr. Katz's unit had been making most of its loans through its 45 retail loan officers and the parent's branches.
By adding First American's wholesale offices in Houston, Irvine, Calif., San Antonio, and Tampa, Union Planters gains access to more than 800 correspondents and mortgage brokers.
First American has originated $670 million of loans this year through those offices. Union Planters has originated $1.7 billion.
- Marc Hochstein