First PacTrust Bancorp (BANC) in Irvine, Calif., has unveiled the management team for the residential warehouse lending division it is set to launch next month.

Zoila Price has joined the $1.6 billion-asset company as president of division, First PacTrust said Tuesday. Price has held mortgage and warehouse lending roles at Optal Companies, Lehman Brothers and Imperial Warehouse Finance, among other companies. Ninh-Thu Do, Elsa Boyd, and Diana Galindo will also join the new division.

First PacTrust has also hired risk management consulting firm Garrett, McAuley & Co. to advise on best practices for the new division.

First PacTrust also plans to launch a correspondent origination program next month, which will be led by Ted Ray, the company's president of residential lending, and Rick Cossano, the chief production officer of residential lending.

"I am thrilled to welcome Zoila Price and her warehouse lending team," Robert Franko, chief executive of the company's PacTrust Bank, said in a press release. "Over the past several months PacTrust Bank has invested in developing and building robust, compliant policies, procedures and systems to ensure the sound launch of the Warehouse Lending Division and the Correspondent Program."

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