Pacific Savings Bank of Costa Mesa said...
Pacific Savings Bank of Costa Mesa said it plans to sell $200 million of collateralized mortgage obligation bonds through its recently formed PSB Financial Corp. II subsidiary.
The bonds will be rated AAA by Standard & Poor’s and are being underwritten by The First Boston Corp., Pacific Savings said.
PSB Financial Corp. II will apply the net proceeds from the sale of the bonds toward the purchase of the Federal National Mortgage Assoc. certificates to be pledged as security for the bonds.
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