Mechanics Bancorp sells ~$417M auto loan portfolio to Bank of America

Mechanics Bancorp

Sold ~$417M of performing indirect auto loans to Bank of America trading desk at near book value (cutoff Aug 31, 2026).
Mechanics Bank retains ~$13M of runoff auto loans after the sale.
Westlake Portfolio Management will continue servicing the auto loans for both Bank of America and Mechanics Bank.
CEO Johnson says sale reduces risk, improves liquidity, and enhances future profitability.

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