O.C. BUSINESS PLUS : ORANGE COUNTY BRIEFLY : Plan for New Thrift Turns Into Takeover

An Irvine-based commercial lender that was planning to launch a new thrift in Orange County said Monday it has decided instead to buy a stake in an existing savings and loan.

Financial Institutional Partners Mortgage Co., which specializes in making apartment loans, said it has agreed to buy at least 51% of Riverside-based Mission Savings & Loan and up to 100% of the institution, depending on the price negotiated with Mission stockholders, according to Stephen Gordon, chairman of Financial Institutional Partners. Terms of the deal--which is subject to regulatory approval--were not disclosed.

Financial Institutional Partners said it plans to relocate Mission’s headquarters to Irvine. Mission has about $43 million in assets and one branch.