PNC unit acquires mortgage servicing.

June 09, 1992, 1:00 a.m. EDT 1 Min Read

PITTSBURGH - PNC Financial Corp. said its Citizens Fidelity Bank in Louisville, Ky., completed the $1.3 billion acquisition of the mortgage-servicing portfolio of Cowger & Miller Mortgage Co., also of Louisville.

First Atlantic Federal Savings Association, which is in Resolution Trust Corp. receivership, sold the portfolio.

PNC said that Citizens Fidelity bought the $1.3 billion mortgage-servicing portfolio, consisting of about 28,000 loans, for PNC Mortgage Servicing Co., one of Citizens Fidelity's units. The portfolio will increase the unit's servicing portfolio to about $8 billion, including $5.2 billion serviced for outside investors, PNC said.

For reprint and licensing requests for this article, click here.

TRENDING

Regulation and compliance

Pathward Bank to pay more than $700,000 for compliance failure

The Office of the Attorney General in New York says the bank violated the state's Exempt Income Protection Act, illegally transferring customers' money to debt collectors.

By Catherine Leffert

10h ago
Earnings

Citizens reports fast progress in building its private bank

The Providence, Rhode Island, company is having discussions with private wealth management teams elsewhere as it seeks to expand its fledgling private bank. In just three months, private banking deposits doubled to $2.4 billion.

By Allissa Kline

10h ago
Earnings

'Higher-for-longer' hits U.S. Bancorp as funding costs stay elevated

After the Minneapolis-based company reported stubbornly high commercial deposit costs, it reduced its full-year forecast for net interest income by $200 million-$500 million.

By John Reosti

April 17

MORE FROM AMERICAN BANKER

Regulation and compliance

Pathward Bank to pay more than $700,000 for compliance failure

The Office of the Attorney General in New York says the bank violated the state's Exempt Income Protection Act, illegally transferring customers' money to debt collectors.

By Catherine Leffert

10h ago
Earnings

Citizens reports fast progress in building its private bank

The Providence, Rhode Island, company is having discussions with private wealth management teams elsewhere as it seeks to expand its fledgling private bank. In just three months, private banking deposits doubled to $2.4 billion.

By Allissa Kline

10h ago
Earnings

'Higher-for-longer' hits U.S. Bancorp as funding costs stay elevated

After the Minneapolis-based company reported stubbornly high commercial deposit costs, it reduced its full-year forecast for net interest income by $200 million-$500 million.

By John Reosti

April 17
Regulation and compliance

CFPB makes structural changes after expanding authority over nonbanks

The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.

By Kate Berry

April 17
Consumer banking

First Horizon bucks trend as deposit costs slow

Rising deposit costs have plagued banks in general, and the Tennessee bank had to pay up to bolster liquidity after its failed merger with TD. But First Horizon retained customers in the first quarter while not paying them the special rates they got last year.

By Polo Rocha

April 17
Payments

Klarna turns a BNPL track record into a creditworthiness benchmark

U.S. customers who have previously used Sweden-based Klarna's buy now/pay later financing — and paid off their loans in full — will be prequalified for interest-bearing loans through a new version of the Klarna Visa card rolling out later this year.

By Kate Fitzgerald

April 17