Legg Mason Inc., a Baltimore-based stock brokerage company, has acquired a large portion of the servicing portfolio of the commercial mortgage division of Southeast Mortgage Co., a subsidiary of Southeast Bank of Miami. Terms of the sale, which was announced yesterday, were not disclosed.
The commercial unit of Southeast Mortgage, which handles a portfolio of $1.25 billion for institutional investors, has 28 workers and has offices in Miami and Fort Lauderdale, Fla.; Charlotte and Raleigh, N.C.; and Atlanta.
The offices will continue to operate with those workers as part of Legg Mason's mortgage banking unit, Latimer & Buck Inc., which is based in Philadelphia, said Eugene J. Veneziale, executive vice president of the group. The acquisition will boost Latimer & Buck's mortgage-servicing portfolio to more than $9.5 billion.
Southeast Bank N.A. of Miami was taken over by federal regulators in September. Its parent company, Southeast Banking Corp., filed for a bankruptcy liquidation shortly after the seizure, but Southeast Mortgage continued as an independent business.