IBM Closes Acquisition of Wilshire Credit Corporation Assets

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ARMONK, N.Y. - 01 Mar 2010: IBM (NYSE: IBM) today announced that it has finalized its acquisition of the core operating assets of Wilshire Credit Corporation from Bank of America Corporation. (NYSE: BAC). The initial agreement to acquire Wilshire assets was announced on October 5, 2009.

The acquisition strengthens IBM's commitment to mortgage business process services that improve clients' flexibility, competitiveness, and ability to manage their businesses more effectively through dynamic market cycles. As part of the closing process, Bank of America will retain Wilshire’s mortgage servicing rights and related assets.

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