Fleet Financial Group acquired AFSA Enterprises.

Long Beach-based AFSA is the holding company for the nation’s largest independent student loan processor. Terms of the purchase were not disclosed. AFSA currently services $3.2 billion of student loans, said Robert W. Lougee Jr., Fleet spokesman. Providence, R.I.-based Fleet, the fourth-largest mortgage banker in the nation acquired AFSA as part of its plan to diversify its holdings, said J. Terrence Murray, Fleet chairman. Fleet purchased AFSA’s stock in a cash transaction Dec. 22, said Murray. AFSA’s co-founder and president, Richard E. Kipper, will continue to operate the computer-based processing business, Murray added.