California United to Sell Mortgage-Banking Network
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As part of its shift away from real estate, Encino-based California United Bank plans to sell some of its mortgage-banking operations to Republic Bancorp of Ann Arbor, Mich.
California United said it signed a letter of intent to sell its mortgage-origination network, six loan-production offices in California and certain other assets in its mortgage-banking division to Republic.
California United will keep its mortgage-servicing portfolio.
Stephen G. Carpenter, California United’s chief executive, said the sale price has not been determined. However, he expects to receive both some immediate payments and longer-term payments from Republic based on the mortgage-banking operations’ future profitability. The transaction, which is expected to close before the end of this year, is subject to a definitive agreement between the two banks and certain licensing requirements.
CU Bancorp, parent of California United, has been moving away from real estate and back to its core business of lending to small- and medium-sized businesses.
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