Business Services Industry
Akron, Ohio, Bank Sells Mobile Home Financing to Berkshire Hathaway Division.
Knight Ridder/Tribune Business News, December, 2003
By Jim Mackinnon, Akron Beacon Journal, Ohio Knight Ridder/Tribune Business News
Dec. 2--FirstMerit Corp. has sold its $621 million manufactured housing loan portfolio to Vanderbilt Mortgage and Finance Inc. in a move the Akron bank holding company says will remove a higher-risk, non-core business from its holdings.
FirstMerit said late Monday it will take a charge of 23 cents a share this year because of the transaction. The company said it will take an approximate $4.5 million charge for the fourth quarter of 2003 because of the sale, and that a related refinancing will result in an additional $14.8 million charge for the quarter. FirstMerit will prepay $221 million of fixed-rate Federal Home Loan Bank borrowings and replace that with...
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