Edmond,Okla.-based F&MBank has agreed to acquire TheBankers Bank's one- to four-family correspondent bank mortgageorigination business.
F&MBank, a unit of F&MBancshares Inc. applied with the FDIC to acquire certain assets and assumeliabilities of the mortgage operations of American Processing Services Corp.and Oklahoma City-based BankersMortgage Corp., units of The Bankers Bank.
The partieshope to close the deal on or about Oct. 15. Non-completion by Oct. 31 willterminate the agreement. The proposedtransaction will involve no deposits, loans or securities.
Accordingto the filing, American Processing Services and Bankers Mortgage Corp. willcontinue their retail mortgage originations "which is by far the bulk oftheir business," and will continue as corporate entities and units of TheBankers Bank. After the transaction, The Bankers Bank will exit the one- tofour-family correspondent mortgage business.
Paul FosterLaw Offices PC acted as legal counsel for F&M in the deal.