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PacTrust Bank Announces Key Additions To Its Residential Lending Division

Stocks in this article: BANC

First PacTrust Bancorp, Inc. (NASDAQ: BANC) (“First PacTrust"), the multi-bank holding company for Pacific Trust Bank (“PacTrust Bank”) and Beach Business Bank, today provided an update concerning certain key management additions to its Mission Hills Mortgage residential lending division. These additions are the most recent of the enhancements that PacTrust Bank has implemented since acquiring Mission Hills Mortgage as a part of the Gateway Business Bank transaction, and reflect PacTrust Bank’s ongoing efforts to build a robust, prudent and profitable residential lending platform staffed with the industry’s “best-in-class” professionals. PacTrust Bank’s Residential Lending Division now includes:

  • Ted Ray has joined the Residential Lending Division as its President will manage and oversee Mission Hills Mortgage. Mr. Ray has more than 15 years of experience in the mortgage banking industry and was most recently Executive Vice President at Pacific Mercantile Bank where he oversaw the residential lending division, including its retail, wholesale and consumer direct channels.
  • Rick Cossano has joined the Residential Lending Division as its Chief Production Officer will manage and oversee all loan production channels of Mission Hills Mortgage. Mr. Cossano is a mortgage banking professional with more than 30 years of experience that has included overseeing production for mortgage banking companies such as JP Morgan Chase, Wells Fargo, Countrywide Home Loans, and RPM Mortgage.
  • Kari Hallowell has joined the Residential Lending Division as its Controller. Prior to joining PacTrust Bank, Ms. Hallowell was a Senior Vice President at Kinecta Federal Credit Union and Corporate Controller for Citi Residential Lending.
  • John Madden has joined First PacTrust Bancorp as its Senior Vice President and Associate General Counsel will serve as Division General Counsel to the Residential Lending Division. Prior to joining PacTrust Bank, Mr. Madden served as Executive Vice President and General Counsel of Pacific Mercantile Bank. Mr. Madden has more than 20 years of experience representing financial institutions and residential mortgage lenders and servicers in regulatory and compliance matters.
  • Ed Vaccaro has joined the Residential Lending Division as its Regional Vice President will oversee portions of Northern California, Oregon, Washington, and Northern Nevada for Mission Hills Mortgage. Prior to joining PacTrust Bank, Mr. Vaccaro served as a Regional Manager at Stearns Lending, IndyMac, Chase Home Loans, and Bank of America, amongst others.
  • Rachel To has joined the Residential Lending Division as its Wholesale Channel Manager. Prior to joining PacTrust Bank, Ms. To served in the same capacity at Pacific Mercantile Bank and brings 22 years of wholesale mortgage experience.

Jeff Seabold, who has been overseeing these initiatives in his advisory capacity as the Managing Director of Residential Lending, stated “These latest additions to our Residential Lending Division leadership team complement First PacTrust’s other activities to build, on an enterprise-wide basis, the resources, systems and management expertise needed to achieve PacTrust Bank’s strategic initiatives relating to residential lending. We continue to achieve the goals set by management and the Board of Directors to build a robust and compliant platform well suited to support prudent and profitable growth.”

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