JPMorgan Chase & Co (JPM.N) will buy almost $2 billion worth of mortgages to facilitate Banc of California’s (BANC.N) purchase of PacWest Bancorp (PACW.O), a source with knowledge of the matter told Reuters.
The investment bank has entered into an agreement to buy $1.8 billion of single-family residential loans at a discount, the source said.
Banc of California and PacWest on Tuesday announced an all-stock merger with a $400 million equity raise from Warburg Pincus and Centerbridge Partners to create a bank with $36 billion in assets.
Read More : JPMorgan to Acquire Nearly $2 Billion of Mortgages in the PacWest Deal – Source