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In less than two weeks, NationsBanc Mortgage Corp. will become the Buffalo area's newest financial services employer.
The unit of Charlotte-based NationsBank Corp., the fourth-largest U.S. banking company, bought the $25 billion mortgage servicing portfolio of KeyCorp Mortgage Inc. last month.
The $350 million transaction is expected to close by March 31. NationsBanc Mortgage Corp. of New York will be a subsidiary of NationsBank's mortgage company.
What happens next will be watched closely by the mortgage servicing industry, Western New York and especially by the 500 employees in KeyCorp Mortgage's servicing center at 205 Park Club Lane, Williamsville. …