U.S. Bancorp to Invest More in Irvine Lender
Edmund Sanders covers financial institutions and fraud for The Times. He can be reached at (714) 966-5811 and at edmund.sanders@latimes.com
Once again, U.S. Bancorp is increasing its investment in Irvine-based New Century Financial Corp.
The Minneapolis-based bank, which bought a stake in New Century in 1998, said it would lend an additional $10 million to the mortgage lender over the next quarter. That’s on top of the $20-million commitment it made in October.
The latest commitment brings U.S. Bancorp’s total investment in New Century to about $75.7 million, consisting of $40 million in preferred stock, $30 million of subordinated debt and approximately $5.7 million of common stock purchased from third parties.
