TORRANCE, Calif. - Imperial Credit Industries Inc. said it had completed its acquisition of Coastfed Business Credit, Los Angeles.
CFBC provides lines of credit secured by accounts receivables and inventories. It will operate as a division of Southern Pacific Thrift and Loan Association, a subsidiary of Imperial Credit.
H. Wayne Snavely, Imperial Credit's chairman and CEO, said the acquisition was an important part of the company's diversification efforts. The new division has $300 million in committed lines to borrowers and he anticipated 10%-15% annual growth in total commitments.
Imperial Credit, headquartered in Torrance, is a financial services company specializing in mortgage loans, equipment leasing, franchisee financing, auto and consumer finance loans.