SAN DIEGO -- First National Bank of San Diego sold its mortgage servicing portfolio June 30 to Bancplus Mortgage Corp. of San Antonio.
First National will close its mortgage operations facility as part of a plan to divest activities deemed unrelated to its core banking strategy, said the parent company, First National Corp.
Also as part of the corporate restructuring, the bank is to close its Del Mar and Fairbanks Plaza offices effective Oct. 9.
The bank expects to have $325 million in assets at the end of the third quarter, down from $606 million last Dec. 31.
The mortgage sale and related shutdowns are expected to cause a $17 million charge to earnings.