Irvine City S&L; Moves Its Loan Division

Irvine City Savings and Loan Assn., formed 16 months ago, said increased loan activity has forced it to move its loan division to larger offices in Newport Beach. The S&L; expects to double its loan closings by the end of its second year in operation.

The new loan office, which encompasses 3,000 square feet in a building at 1501-B Quail St., will allow room for added staffing, officials said.

For the fiscal year ending last June 30, the S&L;’s loan division originated $35.5 million in loans and anticipates closing $75.5 million in loans by the end of the current fiscal year, Douglas J. Weeks, president and chief executive officer, said in a statement. In the first quarter this year, it funded nearly $18 million in loans, he said.

The S&L; also sold loans totaling $23 million in the secondary market in its first fiscal year and expects to sell $65 million this year. It sold $13 million worth of loans in the secondary market in the first quarter this year, according to the statement.