Finance
Banc of California Is Selling $2 Billion of Residential Loans
- Banc of California acquired the loans after PacWest rescue
- Morgan Stanley overseeing sale of business-purpose loans
A Banc of California branch in Wilmington, California.
Photographer: Eric Thayer/BloombergThis article is for subscribers only.
Banc of California Inc., a regional bank, is selling about $2 billion of business-purpose mortgage loans in a process led by Morgan Stanley, according to people with knowledge of the matter.
Banc of California picked up the loans after its acquisition late last year of PacWest Bancorp in a rescue deal, not long after fears of bank failures caused a run on deposits at regional lenders.