A unit of MT Bank in Buffalo, N.Y., has bought certain operations of Philadelphia mortgage firm Carey, Kramer, Pettit, Panichelli Associates.
The $127 billion-asset company said in a press release Tuesday that unit MT Realty Capital also brought on all the employees who worked at the commercial mortgage placement and servicing business. The operation was renamed CKPP.
MT did not disclose the price. The deal also adds about $2.7 billion in loans to MT Realty Capital’s servicing portfolio, along with annual life insurance company origination volumes.
“CKPP’s life insurance origination platform and servicing philosophy will mesh well with MT Realty Capital’s full-service commercial mortgage banking model,” Tari Flannery, the unit’s president, said in the release.
MT Realty Capital, which originated more than $3.3 billion in loans last year, services a more than $13 billion portfolio.