Additionally, the Bank will receive an earn-out, payable quarterly, based on the future performance of the Business over the 38 months following completion of the transaction. The Bank may receive up to an additional $5 million cash premium based on criteria tied to loan officer retention by the Purchaser. The Bank will receive a $25 million cash premium payment, in addition to the net book value of certain assets acquired by the Purchaser, totaling $2.7 million upon closing of the transaction. Under the terms of the deal, Caliber will pay at least $25 million for Banc Home Loans. The SEC filing also details the financial structure of the deal. Technically, the acquisition involves Caliber acquiring “substantially all of the assets” of Banc of California, Caliber said in a release.īanc Home Loans originates primarily agency, government and conforming residential mortgages and operates more than 60 locations in California, Oregon, Arizona, Nevada and Idaho.Īccording to details provided by Caliber, in 2016, Banc Home Loans originated more than 18,000 mortgages, totaling more than $5.1 billion.Ĭaliber did not disclose the financial terms of the deal, nor did it provide any more detail on what parts of Banc Home Loans it is acquiring, but a Banc of California filing with the Securities and Exchange Commission sheds more light on the deal.Īccording to the SEC filing, Caliber will acquire the “leases relating to the Bank’s dedicated mortgage loan origination offices and the Bank’s ‘pipeline’ of residential mortgage loan applications for loans.” Last year, Caliber acquired First Priority Financial, a regional residential mortgage lender with branches and originators serving California, Oregon, Washington, Idaho and Iowa.Īnd Wednesday, Caliber announced plans to acquire Banc Home Loans, the mortgage banking division of Banc of California. For the second time in less than a year, Caliber Home Loans, an Irving, Texas-based residential mortgage origination and servicing company, is acquiring a regional residential mortgage lender that focuses on the Western part of the country.
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