California Republic Bank said today it completed a $238 million securitization of prime auto loans.

The deal, which is rated by Moody’s Investors Service and DBRS, includes four classes of notes. A $34.7 million, P1/R-1 rated money market tranche had a coupon of 0.40%; a $178.3 million Aa3/AA class has a coupon of 1.41%; an $11.9 million, A2/A rated tranche has a coupon of 2.24% and $13.1 million, Baa3/BBB rated tranche has a coupon of 3.25%. All four tranches were sold to qualified investors via the Rule 144A market.

The bank also said it sold all remaining residual interests in the securitized receivables through a sale of the underlying ownership certificates of the securitization trust through a private placement transaction. California Republic Bank will receive a 1% servicing fee and continue to service the underlying receivables on behalf of the noteholders and certificateholders for the life of the contracts.

“Securitizations are an important aspect of our business model, and we are pleased by the size and overall execution of this deal,” chief executive Wilcox said in a press release. “By executing these transactions and retaining the servicing of these portfolios, we maximize our profits while creating a path for additional expansion of our platform in a very capital efficient manner.”

Credit Suisse was the structuring agent and the sole bookrunner for the transaction; Mitchell Silberberg & Knupp acted as issuer’s counsel.

This was California Republic’s second auto loan securitization; it’s debut deal was completed in November 2012.

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