California Republic Bancorp (CRPB) in Irvine has securitized and sold $238 million of notes backed by its car loans.
The $653 million-asset company sold the notes to institutional buyers, it said Friday. It also sold its interest in the underlying loans in a private placement but will continue servicing them for a 1% fee.
"Securitizations are an important aspect of our business model, and we are pleased by the size and overall execution of this deal," Chief Executive Jon Wilcox said in the news release.
Credit Suisse was California Republic's structuring agent and bookrunner for the transaction, and Mitchell Silberberg & Knupp was its legal counsel.
California Republic securitized and sold $183 million of auto loans in a similar transaction in November.