Magazine article American Banker

Goldome Spreads Its Wings from Coast to Coast: Buffalo-Based Thrift Holding Company Buys Large California Mortgage Firm

Magazine article American Banker

Goldome Spreads Its Wings from Coast to Coast: Buffalo-Based Thrift Holding Company Buys Large California Mortgage Firm

Article excerpt

NEW YORK -- Goldome Federal Savings Bank, holding company for one of the largest East coast thrifts, has gained a firm foothold on the West Coast with the purchase of a large mortgage banking concern based in California.

Goldome announced Monday it has completed the purchase of the servicing portfolio and loan offices of Bankers' Funding Corp., a subsidiary of Central Pacific Corp. Central Pacific is holding company for American National Bank, a commercial bank based in Bakersfield, Calif., with assets of $557 million at midyear 1984.

"Now we will be originating loans from coast-to-coast," said Donald R. Britton, executive vice president of Goldome Realty Credit corp., the mortgage banking subsidiary of the thrift. The bank and subsidiary are based in Buffalo, N.Y.

Bankers' Funding, based in Newport Beach, holds a servicing portfolio of $525 million, adding to Goldome Realty's total servicing portfolio of more than $6 billion. But most important to Goldome officials is the network of loan origination offices that the thrift gains with the purchase -- including Bankers' Funding offices throughout California, Arizona, Colorado, Nevada, Oregon, and Utah.

Goldome established its mortgage banking subsidiary in 1983 with operations in New York and other mid-Atlantic states. The thrift expanded the loan offices into Georgia and Florida that year, and into Texas last year.

The Bankers' Funding purchase gives Goldome access to the third of "what people in mortgage banking call the 'Big Three' -- that is, Texas, Florida, and California," said Tom Greeley, a mortgage banking consultant with the firm of MCS Associates, also based in Newport Beach. …

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