Zions Closes Acquisition of Fannie Mae and Freddie Mac Multifamily Lending Platform
ZION sits 52% above its 52-week low of $46.19.
Summary
Zions Bancorp completed its acquisition of Basis Investment Group's agency lending platform, gaining access to Fannie Mae DUS and Freddie Mac Optigo programs. This expands its multifamily financing capabilities nationwide, adding an experienced team and mortgage servicing rights. The deal marks a concrete step into government-sponsored enterprise lending, a new product line for the $89B-asset bank. It follows strong Q2 earnings and positions Zions to capture more multifamily business. No financial terms were disclosed, but the strategic fit could enhance fee income and loan growth over time.
At the time of this announcement, ZION was trading at $70.00 on NASDAQ in the Finance sector, with a market capitalization of approximately $10.2B. The 52-week trading range was $46.19 to $73.34. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: PR Newswire.