Marine Midland Bank announced that its agreement to purchase Spectrum Home Mortgage has been finalized.
Spectrem will operate as a division of Marine Midland Mortgage Corp. Terms were not disclosed.
Robert E. Roth and David J. Hunter Jr., principals of Spectrem, have been named senior vice presidents, reporting to Peter B. Davidson, executive vice president of Marine Midland's consumer finance division. Mr. Roth and Mr. Hunter will have direct responsibility for the management of Marine's consumer mortgage business.
Marine's acquisition of Spectrum will create one of the largest home mortgage operations in western New York.
In 1993, Spectrum 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 originated more than $1.7 billion in mortgages in 1993, and currently services more than $8 billion.