FAMC: Citizens Financial buys mortgage firm in $511 million deal

On Thursday, Providence, R.I.-based Citizens Financial Group announced its $511 million acquisition of Franklin, Tenn.-based Franklin American Mortgage, giving the $153.5 billion lender its first physical presence in the Middle Tennessee market. The deal will triple Citizens' off-balance sheet mortgage portfolio and expand the size of the bank's mortgage portfolio to $78.9 billion. Citizens (NYSE: CFG) is the fourth-largest financial institution serving Pittsburgh according to deposit market share. Franklin...