Mechanics Bancorp (MCHB) said Wednesday its Mechanics Bank unit finalized the sale of about $417 million of performing indirect auto loans to Bank of America's (BAC) trading desk at a price near book value.
The company said the loans had an Aug. 31, 2026 cutoff date.
Mechanics Bank will retain about $13 million of auto loans that are still running off, the company said, adding that Westlake Portfolio Management will continue to service the auto loans for both Bank of America and Mechanics Bank.
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