Banc of California Completes Two Transactions

Banc of California Completes Two Transactions
28.10.2016 11:30 am

Banc of California Completes Two Transactions

Transaction Banking , M&A Deals

 Banc of California, N.A., a wholly-owned subsidiary of Banc of California, Inc. (NYSE: BANC) today announced it has completed two transactions.

First, the Company has completed the sale of its Commercial Equipment Finance Division to Hanmi Bank, a wholly-owned subsidiary of Hanmi Financial Corporation (NASDAQ: HAFC).  As of September 30, the division comprised total loan balances of $234 million.  Banc of California's Managing Director of Commercial Equipment Finance, David Normandin, and his management team will continue to lead the division for Hanmi Bank post acquisition.

Secondly, the Company has completed the sale of approximately $163 million of seasoned single family residential mortgage (SFR) loans on October 25, 2016.  The mortgage loan pool was comprised of both performing and delinquent loans and is expected to improve the Company's delinquent loan ratios compared to the end of the third quarter.

The Company expects these transactions to result in gains of approximately $10 million during the fourth quarter.

Related News

Brazilians tend to increase spendings on ecommerce after the pandemic, EBANX study shows

A research launched by EBANX, on the impacts of the COVID-19 pandemic on the ecommerce market in Brazil and the post-pandemic perspectives, brings in the results an intention... Read more »

StructureFlow officially launches, providing new way to “see” the law

StructureFlow, a tech start-up helping lawyers and finance professionals quickly and... Read more »

Mastercard: Contactless payments have become the “new normal” across the UK

As Mastercard reveal that 66 per cent of all transactions across the UK are now contactless, new research released today identifies consumer habits and viewpoints that mean... Read more »

DenizBank Uses OneSpan’s Mobile App Security Solution to Handle Doubling of Demand from COVID-19

OneSpan™ (NASDAQ: OSPN), the global leader in securing remote banking transactions, today announced that leading Turkish... Read more »

Carbon launches its new Social Banking Service

Nigeria’s leading digital financial services company, Carbon (... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel