Pacific Western Bank acquired Civic Financial Services (CIVIC), a Redondo Beach, CA-based private lender focused on residential business-purpose loans, from Wedgewood.
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 meet the needs of investors who did not fit within traditional real estate lending criteria.
“We believe there is growth and earning potential in the residential BPL space,” Matt Wagner, president and CEO of Pacific Western Bank, said. “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.”