Fifth Third Bancorp To Acquire Mechanics Bank's DUS Business Line

(RTTNews) - Fifth Third Bancorp (FITB) announced that it has entered into a definitive agreement to acquire Mechanics Bank's Delegated Underwriting and Servicing (DUS) business line, which includes its experienced team and a servicing portfolio with an unpaid principal balance of $1.8 billion.

The DUS program is designed to provide liquidity and stability to the housing market. By acquiring this license, Fifth Third gains direct access to Fannie Mae products and a proven servicing model, reinforcing its commitment to delivering innovative solutions for clients and advancing housing affordability.

The acquisition remains subject to customary closing conditions and certain third-party approvals, including approval by Fannie Mae.