1-800-East-West To Break From Commerce
David Bernotas, president of Marlborough-based loan company 1-800-East-West Mortgage, said he's made an offer to purchase the company from Worcester's Commerce Bank & Trust Co.
Bernotas said he and a group of investors he declined to identify have entered into an agreement to purchase the company for an undisclosed sum.
The deal is contingent upon various regulatory approvals and licenses from the states where the company operates. Bernotas said he hopes the transaction will close by the end of the year. He would not say how much the deal is worth, only that it is "amicable" to both sides.
Bernotas said East-West hopes to expand beyond New England and Florida where the company currently does business, but those expansion plans do not align with Commerce's vision. Commerce bought the company in 2000.
1-800-East-West provides about $500 million in home loans annually, including loans from the Federal Housing Administration and the Veterans Administration.
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