PITTSBURGH -- Mellon Mortgage Co. has acquired four Texas-based residential mortgage offices of the former Farm and Home Savings Association of Nevada, Mo., which recently was acquired by Roosevelt Bank of Chesterfield, Mo.
Two of the offices included in the transaction are in Houston and one each in Dallas and Austin. One of the Houston sites also houses an operation that buys loans from third-party originators in 33 states.
Together the offices and the wholesale operation originated $1.07 billion of loans in 1993. The wholesale business accounted for $824 million of loans. The businesses employ 67 people, all of whom will join Mellon.
Last week, Mellon Bank Corp., Mellon Mortgage's parent, announced that it had agreed to buy most of the mortgage banking assets of U.S. Bancorp, Portland, Ore.
At that time, an analyst said Mellon Mortgage must "get larger or back away" if it expects to remain competitive.
Mellon Bank Corp., has assets of about $37 billion.