SEATTLE -- Metropolitan Bancorp has acquired Phoenix Mortgage, a privately held mortgage banking company, for $7 million in cash and common stock.
Metropolitan Bancorp is the parent of Metropolitan Savings, a Seattle-based thrift with $630 million of assets.
Phoenix Mortgage will operate as an independent subsidiary of Metropolitan Bancorp, retaining its name, management and staff.
John H. Fairchild, Phoenix Mortgage's president, was appointed an executive vice president of Metropolitan Bancorp and will be nominated to its board.
Patrick F. Patrick, president and chief executive of Metropolitan Bancorp, said, "Phoenix is an ideal partner for Metropolitan because they have always put highest priority on serving their long-term relationships with the real estate community, even during refinance booms."
Phoenix Mortgage, founded in Seattle by Mr. Fairchild in 1984, is based in Lynnwood, Wash., and has 164 employees in six offices.
The company originated $775 million in single-family mortgage loans in 1993, $535 million in 1992, and $360 million in 1991.
