Irvine-based Banc of California has sold a lending division and a collection of loans for a total gain of about $10 million.
The bank sold its Commercial Equipment Finance Division to Hanmi Bank, a subsidiary of Hanmi Financial Corp. in Los Angeles that provides banking services primarily to the Korean-American community.
The sale included loans of $234 million. Managing Director David Normandin and his management team will continue to lead the division for Hanmi Bank.
Banc of California also separately sold $163 million in single-family residential loans to undisclosed buyers on Oct. 25. The sale of performing and delinquent loans is expected to improve the bank’s loan ratios.
Banc of California is the largest bank in Orange County with about $10.2 billion in assets. It employs 913 locally and 1,716 firmwide.