Acquisition-Hungry RBC Strikes Again

Published July 17, 2003, 2:00 p.m. EDT

1 Min Read

The acquisition-hungry RBC Mortgage Co., Chicago, has agreed to buy the mortgage banking division of Sterling Bancshares, Houston, for $100 million.The sale takes Sterling out of the residential business at a time when production volumes are booming. For the Canadian-owned RBC, the deal marks its second major purchase within two months. In early June, RBC inked a deal to buy the wholesale division of Bank One Corp., Chicago. Sterling's mortgage unit, Sterling Capital Mortgage Co., funded $4.5 billion in home loans last year and is on track to fund $7 billion this year. It employs 1,400 full-timers. The transaction is expected to close in the fall of 2003 and be accretive to RBC's earnings in 2004. (See the July 21 issue of National Mortgage News for more details.)

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