IRVINE, Calif., Oct. 28, 2016 /PRNewswire/ -- 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.
About Banc of California,
Inc.
Banc of California, Inc. (NYSE:
BANC) provides comprehensive banking services to California's diverse businesses, entrepreneurs
and communities. Banc of California operates over 100 offices in
California and the West.
Forward-Looking Statements
This press release includes forward-looking statements within
the meaning of the "Safe-Harbor" provisions of the Private
Securities Litigation Reform Act of 1995. These statements are
necessarily subject to risk and uncertainty and actual results
could differ materially from those anticipated due to various
factors, including those set forth from time to time in the
documents filed or furnished by Banc of California, Inc. with the Securities and
Exchange Commission. You should not place undue reliance on
forward-looking statements and Banc of California, Inc. undertakes no obligation to
update any such statements to reflect circumstances or events that
occur after the date on which the forward-looking statement is
made.
INVESTOR RELATIONS
INQUIRIES:
|
MEDIA
INQUIRIES:
|
Banc of California,
Inc.
|
Vectis
Strategies
|
Timothy Sedabres,
(855) 361-2262
|
David Herbst, (213)
973-4113 x101
|
|
|
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SOURCE Banc of California,
Inc.