CU Bancorp Agrees to Sell Mortgage Banking Assets

CU Bancorp of Encino has agreed to sell the operating assets of its mortgage banking division to Republic Bancorp of Ann Arbor, Mich. The agreement, approved by CU Bancorp’s board of directors, calls for the company to receive immediate payments of about $4 million and longer term payments based on the future profitability of the mortgage banking operations.

CU Bancorp it is the holding company of California United Bank.