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Mechanics Bank Sells $417M Auto Loan Portfolio To Bank Of America Trading Desk

Benzinga·09/16/2026 22:20:35
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Mechanics Bancorp ("Mechanics") (NASDAQ:MCHB) announced today that its wholly owned subsidiary, Mechanics Bank, completed the sale to Bank of America’s trading desk of approximately $417 million of its remaining performing indirect auto loans at a price near book value, with a cutoff date of August 31, 2026. Mechanics Bank will retain approximately $13 million of runoff auto loans. Westlake Portfolio Management will continue to service the auto loans for both Bank of America and Mechanics Bank.