M&A - BANK 2023-BNK45

Form Type: 8-K

Filing Date: 2025-03-03

Corporate Action: Acquisition

Type: New

Accession Number: 000188852425003349

Filing Summary: On February 28, 2025, it was reported that Trimont LLC acquired the third party servicing segment of Wells Fargo Bank’s commercial mortgage servicing business. This acquisition, termed the CMS Transaction, led to Trimont taking over servicing responsibilities that were previously managed by Wells Fargo, with significant integration expected of employees, systems, and operating procedures from Wells Fargo to Trimont. Following the CMS Acquisition Closing Date, Trimont will operate under a Transition Services Agreement (TSA) to ensure a smooth transition and continuation of services for 12 months, with potential extension options. The document includes statements about the ratings Trimont has received from Fitch, S&P, and Morningstar DBRS and outlines the company's portfolio of serviced loans and the changes arising from the acquisition, including the maintenance of compliant servicing obligations. Additionally, no material adverse effects to the servicing performance of the acquired portfolio are anticipated as a result of the acquisition. The company's proactive strategies for managing delinquent loans and servicing operations are also highlighted, along with the ongoing integration of services and technologies.