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Bingham Financial Services sells subsidiaries.(Bloomfield Acceptance Co. LLC;)(Bloomfield Servicing Co. LLC)(Brief Article)
Crain's Detroit Business, May, 2001 by Merx, Katie
Birmingham-based Bingham Financial Services Corp. (Nasdaq: BFSC) announced last week that it will sell the assets of its subsidiaries Bloomfield Acceptance Co. L.L.C. and Bloomfield Servicing Co. L.L.C. to Wells Fargo & Co. (NYSE: WFC). The terms of the deal have not yet been disclosed. Bingham Financial CEO Ron Klein did not return phone calls late last week but said in a statement that the company sold the subsidiaries' assets so it can focus on its manufactured-home lending business, Origen Financial Inc.
The assets of the 15-year-old subsidiaries would give Wells Fargo a foothold in Michigan and an increased ability to do national commercial real estate mortgage loans and loan servicing, said Tricia Link, a senior public and media relations manager for...
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