Mechanics Bank Completes Sale of Substantial Majority of Runoff Auto Loan Portfolio to Bank of America
Mechanics Bancorp's bank subsidiary, Mechanics Bank (Nasdaq: MCHB), completed the sale of approximately $417 million of its remaining performing indirect auto loans to Bank of America's trading desk at a price near book value, with a cutoff date of August 31, 2026. Mechanics Bank retains only about $13 million of runoff auto loans, and Westlake Portfolio Management will continue servicing the loans for both Bank of America and Mechanics Bank. CEO C.J.
Key figures
- Branch count
- 166
- Total assets
- 21200000000
- Auto loans sold
- 417000000
- Sale price note
- near book value (exact price and gain/loss not disclosed)
- Retained auto loans
- 13000000
- Portfolio cutoff date
- August 31, 2026
AI analysis
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