Banc of California, Inc. (NASDAQ: “BANC”), the multi-bank holding company for Pacific Trust Bank and The Private Bank of California, today announced the completion of PacTrust Bank’s first series of transactions as an approved issuer of Ginnie Mae mortgage-backed securities representing its participation in the issuance of an aggregate of $97.3 million in Ginnie Mae September multi-issuer MBS pools.
Jeffery Seabold, Managing Director of PacTrust Bank’s Residential Lending Division, stated, “It was just a few months ago that we first became an approved issuer of Ginnie Mae mortgage-backed securities and since that time we have been building our Secondary Marketing platform to enable us to originate and deliver loans through the Ginnie Mae securitization programs. We are pleased with these first transactions and intend to be an active participant in issuing additional securities in the future. This enhances our overall residential mortgage loan origination strategy and enables the Bank to provide a broad array of FHA loan programs with attractive rates to our customers.”
Steven Sugarman, Chief Executive Officer of Banc of California, stated, “We are extremely proud of PacTrust Bank’s first transactions as an approved issuer of Ginnie Mae mortgage-backed securities. It is rewarding to have built this profitable business while making an important contribution to the expansion of affordable housing opportunities.”
About Banc of California, Inc.
Since 1941, Banc of California, Inc. (NASDAQ:BANC) through its banking subsidiaries Pacific Trust Bank and The Private Bank of California has provided banking services and home loans to businesses and families in California and the West. Today, Banc of California, Inc. has over $3 billion in consolidated assets and more than 60 banking locations.
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.