Citizens Financial Group, the parent company to Citizens Bank, has agreed to buy a Tennessee mortgage lender for $511 million in cash.
With the acquisition of Franklin American Mortgage, Providence, R.I.-based Citizens Financial (NYSE: CFG) will triple the size of the bank’s mortgage originations to more than $20 billion, making it one of the nation’s 15 largest bank-owned originators and servicers. The deal is set to close sometime in the third quarter.
