SAN ANTONIO -- Federal regulators announced Monday completion of the sale of BancPlus Mortgage Corp., the $10 billion mortgage unit of the failed BancPlus Federal Savings Association, to a group led by BancPlus Mortgage executives.
Earlier, the $404.6 million sale was challenged in court by Affiliated Computer System Inc., one of the bidders for the mortgage company.
Affiliated Computer System, a Dallas-based privately held data service company, had charged the Resolution Trust Corp., a government agency created to clean up the thrift industry, knowingly allowed BancPlus officials to supply inside information to the investment group that was ultimately successful. Affiliated contended the RTC refused to provide the same information to it.
Affiliated said the sale of the unit to an investment group that included the unit's executives and directors violated government regulations on the sale of such assets.
But a federal district court in Dallas and an appeals court both refused to stop the sale, enabling RTC to move head with its original plan.
Affiliated had submitted a bid of about $200 million for BancPlus Mortgage.
The RTC said the BancPlus Mortgage was acquired by BancPlus Acquisition Corp. of Fort Worth, Texas, for cash and assumed liabilities. The agency said BancPlus Mortgage is the 24th largest mortgage servicer in the country.
Its parent, BancPlus Federal savings, based near Houston, failed in March 1989 and was taken over by regulators. At the time, the thrift had assets of about $401 million and liabilities of $941 million.
BancPlus Federal was sold to United Savings Association of Texas in Houston last September at a cost to the government of $702 million. That sale did not include the mortgage subsidiary, which manages $10.3 billion of single-family home loan mortgages.
The new buyers are reportedly financed by the billionaire Bass Brothers of Fort Worth.