OP Bancorp in Los Angeles has agreed to buy a portfolio of Small Business Administration loans from Hana Small Business Lending.
The parent of the $1.3 billion-asset Open Bank said it will acquire about $105 million of loans, with most tied to the SBA’s 7(a) program. OP Bancorp will also buy a servicing portfolio consisting of 7(a) loans with a balance of roughly $295 million.
OP Bancorp said it will pay about $102 million for the portfolios. The deal is expected to close within 90 days.
“As a highly ranked national SBA 7(a) lender by volume for many years, this acquisition will augment an already successful SBA loan portfolio,” Min Kim, OP Bancorp’s president and CEO, said in a press release Wednesday. “We believe this is an excellent utilization of capital by adding scale to our interest and servicing income streams.”
