Western Bank Mortgage Co. said Monday that it has agreed to be acquired by a Texas mortgage company, a transaction that could mean the loss of 20 jobs here.
The merger with Victoria Mortgage Corp. will result in the transfer or elimination of 20 mortgage service jobs. Costa Mesa employees may be offered jobs in San Antonio, where Victoria’s service jobs are concentrated.
Tom Black, vice president for loan production at Western Bank, said the company’s 360 other employees involved in making new loans will not be affected by the merger.
Western Bank has a loan portfolio of $1.5 billion. The combined company will have a nationwide loan-servicing portfolio of $4 billion. Black said the merger makes sense because Victoria’s residential loan-servicing business has benefited from the wave of refinancings during the recession. It now needs a loan-making division to put its newfound capital to work, he said.
Victoria plans to add branches in Texas and Colorado in the coming months.
Western Bank will move from Costa Mesa to new headquarters in Irvine under plans made before the merger. Western Bank’s officers will be integrated into Victoria’s management.
Black would not disclose the terms of the deal.