M&A - BANK 2019-BNK24

Form Type: 8-K

Filing Date: 2025-03-03

Corporate Action: Acquisition

Type: New

Accession Number: 000188852425003277

Filing Summary: On February 28, 2025, BANK 2019-BNK24 filed Form 8-K to report a significant corporate action regarding the acquisition of the third-party servicing segment of Wells Fargo Bank's commercial mortgage servicing business by Trimont LLC. This transaction, effective March 1, 2025, involves Trimont assuming services previously handled by Wells Fargo, including the management of multiple mortgage loans under various pooling and servicing agreements. The acquisition is characterized by Trimont's integration of Wells Fargo's CMS employees, systems, and relevant operational procedures. Notably, the acquisition is accompanied by a Transition Services Agreement that enables Wells Fargo to provide operational support during a transition period. The document outlines changes in servicer roles and includes updates regarding financial performance metrics and servicer ratings from agencies such as Fitch, S&P, and Morningstar. Additionally, Trimont's servicing functions are delineated, along with procedural adaptations in response to federal or state law shifts. The report does not indicate any adverse legal proceedings against Trimont that could affect its servicing duties. The integration aims to enhance Trimont's portfolio and servicing efficiency.