Legg Mason Inc. said yesterday that it has an agreement in principle to acquire a New York-based mortgage banking firm, Dorman & Wilson, by the end of May.
Terms of the agreement were not disclosed.
Raymond A. Mason, chairman and chief executive officer of the Baltimore-based brokerage firm, said the acquisition will "complement and strengthen the activities of our other real estate businesses."
"Dorman & Wilson is a major factor in the servicing of commercial mortgages, a stable and profitable segment of the mortgage banking business," Mr. Mason said in a prepared statement announcing the acquisition.
According to the company, the acquisition will give Legg Mason one of the largest reported commercial servicing portfolios in the nation. Together with its acquisition of Latimer & Buck Inc. last year, Legg Mason's commercial servicing portfolio is now valued at about $8 billion.
Baltimore-based Legg Mason provides a range of investment bankingservices through its wholly owned subsidiaries.
White Plains-based Dorman & Wilson primarily provides commercial mortgage services, real estate mortgage placement, appraisal and consulting.
The company currently has 52 employees, and offices in Albany, Jericho and New York; Parsippany, N.J.; Stamford, Conn., and Orlando, Fla.
According to Legg Mason, Ronald F. Poe will continue as chief executive officer of Dorman & Wilson after the acquisition is completed.