Bank of California in Irvine has sold an equipment-finance business to Hanmi Financial in Los Angeles.
The $11.2 billion-asset Banc of California said in a press release Friday that it sold the division the $4.4 billion-asset Hanmi. The companies did not disclose the price.
The equipment-finance division has $234 million in loan balances at Sept. 30. David Normandin, the division’s managing director, and his team will continue to lead the division for Hanmi.
Banc of California also said it sold about $163 million of single-family residential mortgages to an unnamed buyer. The loan pool included performing and delinquent loans. The price was not disclosed.
Overall, Banc of California said the sales should result in a $10 million gain during the fourth quarter.