Magnolia Federal keeps on buying mortgages. (Magnolia Federal Bank for Savings)

Mississippi Business Journal | November 23, 1992| | Copyright

Leading thrift's loan service swells to $4.1 billion

Like a drum-beating bunny, Magnolia Federal Bank for Savings keeps buying and buying and buying.

Its latest acquisition ranks as its largest yet, successfully bidding for around $2.4 billion in mortgage loan servicing from Altus Mortgage Co. in Dothan, Ala. "Currently, we have $1.7 billion in mortgage loan servicing," said Magnolia Treasurer Lou Ann Poynter. "This will more than double our base."

So far the strategy by the state's largest thrift of buying up bargains from Resolution Trust Corp. (RTC) ...

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