First Maryland Bancorp is selling its mortgage origination businesses, First National Mortgage Corp. and Eastern Mortgage Services, to National City Mortgage Co.
Terms of the deal were not disclosed, but Allied Irish Banks, the Dublin-based parent of First Maryland, said the companies were sold for about book value.
National City Mortgage is acquiring 29 mortgage offices in Maryland, Virginia, Pennsylvania, New Jersey, Massachusetts, Kentucky, and Mississippi.
The Miamisburg, Ohio, subsidiary of Cleveland's National City Corp. is to have 137 offices in 34 states when the deal closes.
A First Maryland spokeswoman said the company will continue to originate loans through its bank branches. First Maryland is the holding company for First National Bank of Maryland, Dauphin Deposit Bank, York Bank, and First Omni Bank.