Steve Ginder is savoring the acquisition of 10 mortgage production offices from Bank of New York Co. as he melds them into his National Pacific Mortgage Corp. in Anaheim, Calif.

In January, Bank of New York told employees of its California-based Arcs Mortgage Corp. that the offices would be closed. It advised them to find a new home. National Pacific, a midsize regional lender, bought all the assets of the offices on March 1, took over the leases, and hired the employees, beating out competition from "a number of very large banks," Mr. Ginder said.

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