DivestmentMay 5, 2026, 05:07 PM
Mechanics Bancorp Subsidiary Sells Fannie Mae DUS Business for $126M
AI Summary
Mechanics Bancorp announced that its wholly-owned subsidiary, Mechanics Bank, completed the previously announced sale of its Fannie Mae Delegated Underwriting and Servicing business line. The sale was made to Fifth Third Bank, National Association, for an aggregate cash consideration of approximately $126 million. This transaction was completed on May 1, 2026.
Key Highlights
- Mechanics Bank completed the sale of its Fannie Mae Delegated Underwriting and Servicing business line.
- The business line was sold to Fifth Third Bank, National Association.
- The aggregate cash consideration for the sale was approximately $126 million.
- The transaction was completed on May 1, 2026.