BUFFALO, N.Y. -- Marine Midland Bank plans to acquire Spectrum Home Mortgage Corp. of Buffalo.
In 1993, Spectrem originated mortgages of more than $400 million through its offices in Buffalo, Rochester, and Syracuse.
It also services a mortgage portfolio of about $700 million.
Marine Midland Mortgage Corp., a subsidiary of Marine Midland Bank, originated about $1.7 billion in mortgages in 1993, and currently services some $8 billion for itself and for investors. Terms were not disclosed. James H. Cleave, president and chief executive of Marine Midland, said Marine's capital, technology, and delivery system and Spectrum's sales expertise and market share would enable Marine to offer better service to consumers.
Robert E. Roth and David J. Hunter Jr., principals of Spectrum, will join Marine Midland to manage the combined operations.