Firm to Buy Newport’s Bankers Mutual

A Los Angeles company said Thursday that it has tentatively agreed to acquire Bankers Mutual, a commercial mortgage banking firm, for an undisclosed price.

Franchise Mortgage Acceptance Co. said it hopes to complete the transaction early next month.

Bankers Mutual, which finances multifamily income property, funded more than $650 million in loans last year and services a portfolio of more than $2.5 billion in loans.

Founded in 1980, the Newport Beach company has grown to operate loan offices at its headquarters and in San Diego and Walnut Creek.