The California Republic Bank has completed its first securitization in prime indirect automobile loans. Worth $182.56 million in notes backed by CRB, the vehicle loans were bought in a private offering by institutional buyers.
A wholly owned subsidiary of California Republic Bancorp, the California Republic Bank likewise sold the rest of its residual interests in receivables. Despite the sales, CRB will keep working on the behalf of certificate and note holders by servicing underlying receivables.
The bank is pleased with the milestone securitization. CEO Jon Wilcox said, “This is an important milestone for our company. It reflects the strong growth in our indirect automobile platform since its start in July 2011.”
CRB is a provider of loans, deposit and cash management services throughout Southern California.