Lender’s Plan to Buy Thrift Gets OTS Nod
Edmund Sanders covers financial institutions and fraud for The Times. He can be reached at (714) 966-5811 and at edmund.sanders@latimes.com
Financial Institutional Partners Mortgage Co., an Irvine-based apartment lender, said that it has received regulatory approval for a previously announced plan to buy a Southern California thrift, which the company plans to use to expand its operations.
In August, the lender entered into a deal to acquire between 50% and 100% of the stock in Mission Savings & Loan, a Riverside-based thrift with about $43 million in assets.
The Office of Thrift Supervision gave the green light to the deal Dec. 17. This week, the office approved the creation of a new holding company, Commercial Capital Bank Bancorp.
After the deal closes, Financial Institutional plans to move the thrift to Irvine and change its name to Commercial Capital Bank.
