An M&T Bank subsidiary has acquired a Pennsylvania-based commercial mortgage banking firm.
M&T Realty Capital Corp. bought Carey, Kramer, Pettit, Panichelli & Associates for an undisclosed amount. CKPP, based in Wayne, Pa., will operate as a division of M&T Realty Capital Corp. All 15 of its employees will stay on board.
The deal adds about $2.7 billion in loans to M&T Realty Capital Corp.'s servicing portfolio, as well as "significant" annual life insurance company origination volumes, according to M&T.
“Joining M&T Realty Capital Corporation offers our existing lender relationships expanded market opportunities, and also broadens the options for our current customer base,” said Donald K. Pettit, president of CKPP, in a statement. “We are excited about future growth potential for CKPP as we become a division of M&T Realty Capital Corp.”
CKPP was founded in 1987 and concentrates on the Greater Philadelphia region.