Bradford Mortgage Buys Scottish Bank Unit

Bradford Mortgage Co., Winston-Salem, N.C., has acquired the mortgage division of The Scottish Bank, a community bank based in Charlotte, N.C., for an undisclosed amount.The division will now operate as The Scottish Bank Mortgage Co., and will remain in Charlotte. "This acquisition was a logical and strategic expansion of Bradford Mortgage Co.," said Brad Church, president of Bradford Mortgage. "We know each other's companies, and our culture and values, including our customer base, are similar." Mr. Church said Mecklenburg County, where Charlotte is located, is "the most dynamic, fastest-growing region" in the state and that the acquisition "will give us excellent entree into this market." As part of the deal, the privately held Bradford Mortgage said it will sell a minority interest to The Scottish Bank.