BEVERLY HILLS, Calif., Feb. 2, 2021 /PRNewswire/ -- Pacific Western Bank announced today it has acquired Civic Financial Services, LLC, ("CIVIC"), from Wedgewood, Inc. ("Wedgewood"). Headquartered in Redondo Beach, CA, CIVIC is one of the leading institutional private lenders in the United States specializing in residential business-purpose loans (BPLs). Terms of the agreement were not disclosed.
CIVIC will operate as a wholly-owned subsidiary of Pacific Western Bank, with William J. Tessar continuing on as the firm's President. CIVIC was founded in 2014 through a partnership between Wedgewood and one of its subsidiaries, HMC Assets, to serve investors who did not fit within traditional real estate lending criteria. Since its inception, CIVIC has funded more than 10,000 loans to real estate investors for more than $4.4 billion.
The acquisition of CIVIC advances Pacific Western Bank's strategy to expand its lending portfolio and diversify its revenue streams. "We believe there is growth and earning potential in the residential BPL space," said Matt Wagner, Pacific Western Bank's President and CEO. "This acquisition creates an opportunity for us to grow in the private lending space with a proven market leader, creating value for both of our organizations. We are pleased to welcome CIVIC's team to Pacific Western Bank."
About Pacific Western Bank
Pacific Western Bank is a commercial bank with over $29 billion in assets headquartered in Los Angeles, California, with executive offices in Denver, Colorado. The Bank has 70 full-service branches primarily located in California, with one branch located in Durham, North Carolina, and one branch located in Denver, Colorado. The bank provides community banking products including lending and comprehensive deposit and treasury management services to small and medium-sized businesses conducted primarily through our California-based branch offices and Denver, Colorado branch office. The Bank offers national lending products including asset-based, equipment, and real estate loans and treasury management services to established middle-market businesses on a national basis. The Bank also offers venture banking products including a comprehensive suite of financial services focused on entrepreneurial and venture-backed businesses and their venture capital and private equity investors, with offices located in key innovation hubs across the United States. For more information about Pacific Western Bank, visit www.pacwest.com.
ABOUT CIVIC FINANCIAL SERVICES, LLC.
Civic Financial Services, LLC is a leading institutional private money lender specializing in the financing of non-owner-occupied investment properties. Having funded more than $4 billion and 10,000 loans, CIVIC helps resourceful investors leverage opportunities to grow their real estate portfolios. As a direct lender, CIVIC offers an array of financing solutions for retail, wholesale, and correspondent channels. For more information, please visit www.civicfs.com.
Kristen Mboijana | Pacific Western Bank | 301.634.6905 | [email protected]
SOURCE Pacific Western Bank