M&A - BANK5 2024-5YR5

Form Type: 8-K

Filing Date: 2025-03-03

Corporate Action: Acquisition

Type: New

Accession Number: 000188852425003995

Filing Summary: On March 1, 2025, Trimont LLC completed the acquisition of the third-party servicing segment of Wells Fargo Bank's commercial mortgage servicing business, referred to as the CMS Transaction. This included a transfer of servicing agreements and most CMS employees along with relevant systems and technologies to Trimont. Under the terms of a Transition Services Agreement (TSA), Wells Fargo will provide support services to Trimont for 12 months post-acquisition. The merger enhances Trimont's capabilities as a servicer, allowing it to manage a larger portfolio of commercial and multifamily loans. Trimont’s performance ratings by Fitch, S&P, and Morningstar have been adjusted during the integration period, reflecting ongoing reviews by these agencies as the integration progresses.