Mechanics Bank sells most remaining indirect auto loans to Bank of America
Mechanics Bank ($MCHB) completed the sale of approximately $417 million of performing indirect auto loans to Bank of America ($BAC). The transaction removes the substantial majority of Mechanics’ runoff auto portfolio, leaving roughly $13 million of residual loans. The sale was completed near the portfolio’s book value, rather than generating a disclosed gain equal to the balance transferred. Westlake will continue servicing the sold loans as well as the residual portfolio retained by Mechanics.
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