Metropolitan Agrees to Buy Mortgage Bank for $200 Million
NEW YORK (AP) _ Metropolitan Life Insurance Co. has agreed to purchase Crossland Capital Corp., a mortgage bank, for more than $200 million, from Crossland Savings Bank FSB, Metropolitan announced Monday.
Metropolitan Chairman Robert G. Schwartz and Luke A. Baione, chairman of Crossland Savings, said the company would be renamed ML Financial Corp.
Crossland Capital’s primary business is servicing existing residential and commercial real estate loans for outside investors.
Its portfolio of residential servicing mortgages is about $9 billion.
Based in Los Angeles, Crossland Capital has 17 branches and over 600 employees, including those associated with a Puerto Rican-based subsidiary.
Metropolitan formed MetFirst Financial Co., a full-service mortgage banking company owned jointly with Midland Financial Co. of Oklahoma City, in January 1984. MetFirst currently services more than $2 billion in mortgages.
Crossland Savings has assets of $8 billion and is based in Brooklyn, N.Y.
Metropolitan is one of the nation’s largest insurance and financial services companies with more than $20 billion invested in real estate through mortgage loans, wholly-owned properties and equity partnerships.
Total assets under management by Metropolitian and its affiliates exceed $81 billion.