Mortgage Firm Reveals Buy-Out

Fleet Financial Group, a major mortgage agency, today reached agreement to purchase the Denver-based Security Pacific Mortgage Corp., the mortgage banking affiliate of Security Pacific Corp.

Fleet Chairman J. Terrence Murray said the purchase will increase the Providence bank’s mortgage servicing portfolio by $2.5 billion to $17 billion, making Fleet the nation’s third largest mortgage banking company. Fleet is to purchase the Security Pacific’s assets and servicing portfolio in a cash transaction expected to be completed by Nov. 30.