Mechanics Bancorp Completes Sale of Fannie Mae Business for Approximately $126 Million
Mechanics Bancorp completed the previously announced sale of its Fannie Mae Delegated Underwriting and Servicing business line to Fifth Third Bank, National Association for aggregate cash consideration of approximately $126 million. Under the terms of the completed transaction, Fifth Third Bank acquired Mechanics Bank's approximately $1.8 billion DUS servicing portfolio, including associated escrow amounts, and hired Mechanics Bank employees who operate the DUS Business.
