BANKING & FINANCE - March 29, 1994

BofA to Buy a Midwest Mortgage Company: Bank of America said it will acquire United Mortgage Corp. of Bloomington, Minn. The purchase price was not disclosed but a BofA spokesman said it was “not material” in terms of the bank’s resources. The deal is designed to give BofA entry into the mortgage business in Florida and 15 Midwestern states. United Mortage holds a loan servicing portfolio of $4 billion, about 10% of BofA’s existing portfolio, and last year originated about $1.9 billion in loans, about 20% of BofA’s total of $10.6 billion. The deal is subject to regulatory approval and is expected to be completed in the third quarter of this year.