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Acquisition of $5 bil Bank One Wholesale Operation to Double Production of Royal Bank of Canada Unit

RBC Mortgage Company to acquire wholesale 1st mortgage & broker home-equity origination business

May 30, 2003

By MortgageDaily.com staff

RBC Mortgage Company will aquire Bank One's wholesale first mortgage and broker home-equity origination business, both companies announced today.

RBC will gain Bank One's national wholesale sales team. Operations employees in Phoenix, Arizona and Columbus, Ohio, will also move over to RBC's payroll, but remain in their offices, which RBC will lease after the deal is completed late this summer, the statement said.

Adding Bank One's wholesale business will more than double RBC's wholesale loan volume, said David J. Matthews, Chief Operating Officer of RBC Mortgage, in the statement.

According to information provided in the statement, Bank One's 2002 residential wholesale business handled $3 billion in first mortgages and $2 billion in home equity loans.

Bank One will still offer home-equity loans and mortgages at through its 14-state network of local branch banks and through telephone applications and its Website, the company said.

RBC Mortgage, which is an indirect subsidiary of the Royal Bank of Canada, reported more than $21 billion in loan originations in 2002. The company processes both retail and wholesale loans and loan packages.

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