Natwest Unit Expanding Southward By Buying Union Financial Assets

JERSEY CITY - NatWest Home Mortgage Corp., a wholly owned subsidiary of National Westminster Bank, has agreed to acquire certain assets of Union Financial Corp., a subsidiary of Union Federal Savings Bank of Evansville, Ind.

Union Financial is a full-service mortgage banking company that originates residential mortgages on both a wholesale and a retail basis. It operates primarily in Virginia, Maryland, and Delaware.

The company is based in McLean, Va., and closed $338 million worth of mortgages in 1994.

"With this acquisition, we have taken the important step of expanding our services outside our regional footprint," said Joe Wessely, managing director of NatWest Home Mortgage, which is based in Jersey City.

The NatWest unit currently originates home loans in New York, New Jersey, Pennsylvania, and Connecticut. As part of the transaction, it will also acquire a $37 million loan servicing portfolio to add to its existing $4.5 billion.

National Westminster Bank is an affiliate of National Westminster Bancorp, the 31st-largest bank holding company in the United States, with $31 billion of assets.