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Article: Dime Eyeing Top Mortgage Ranks In Buying No. 12 North American.(Dime Bancorp; North American Bancorp)
- Article from:
- American Banker
- Article date:
- June 24, 1997
- Author:
CopyrightCOPYRIGHT 1997 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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With its agreement to buy North American Mortgage, Dime Bancorp is hoping to leap into the elite corps of companies positioned to survive in the cutthroat mortgage industry.
The deal, valued at $374 million, opens a national market to New York based Dime and removes one of the last independent players from the industry.
Lenders said the deal is emblematic of a dramatic realignment in the industry, as profitability becomes more dependent on scale. "The acquisition is further evidence of the enormous difficulty of going it alone on the part of small and midsize lenders," said Thomas Jacob, chairman of Chase Manhattan Mortgage Co.
The North American ...