Holding Firm Buys Stake in Irvine Lender

U.S. Bancorp, one of the nation’s largest bank holding companies, has completed its purchase of a 16% stake in New Century Financial Corp., an Irvine-based provider of sub-prime mortgage loans to borrowers with less than stellar credit, the companies said Wednesday. Minneapolis-based U.S. Bancorp acquired $20 million of New Century’s preferred stock, which is convertible into common stock. New Century shares closed Wednesday at $9.63, up 25 cents, on the Nasdaq market.