Banc of California (BANC) in Irvine has acquired the investment advisory firm Palisades, also of Irvine.
The $2.5 billion-asset Banc of California announced the closing of the deal Monday. Palisades, founded in 2012, specializes in advising clients on the acquisition, management and disposition of residential mortgage loans. It manages over $1.7 billion in assets. The terms of the deal were not disclosed.
"The entire Palisades team is excited to join Banc of California," Palisades Chief Executive Stephen Kirch said in a press release. "Palisades will benefit from Banc of California's considerable resources and strong team, and we look forward to continuing to add value to the Company's residential lending business."
The Palisades acquisition will further expand Banc of California's rapidly growing residential lending business. In August, Banc of California created a new correspondent lending group and its Pacific Trust paid $10 million for the mortgage business CS Financial.