A unit of M&T Bank in Buffalo, N.Y., has bought certain operations of Philadelphia mortgage firm Carey, Kramer, Pettit, Panichelli & Associates.
The $127 billion-asset company said in a press release Tuesday that unit M&T Realty Capital also brought on all the employees who worked at the commercial mortgage placement and servicing business. The operation was renamed CKPP.
M&T did not disclose the price. The deal also adds about $2.7 billion in loans to M&T Realty Capital's servicing portfolio, along with annual life insurance company origination volumes.
"CKPP's life insurance origination platform and servicing philosophy will mesh well with M&T Realty Capital's full-service commercial mortgage banking model," Tari Flannery, the unit's president, said in the release.
M&T Realty Capital, which originated more than $3.3 billion in loans last year, services a more than $13 billion portfolio.