Irvine City Savings and Loan Assn., formed 16 months ago, said increased loan activity has forced it to move its loan division to larger offices in Newport Beach. The S&L expects to double its loan closings by the end of its second year in operation.
The new loan office, which encompasses 3,000 square feet in a building at 1501-B Quail St., will allow room for added staffing, officials said.
For the fiscal year ending last June 30, the S&L's loan division originated $35.5 million in loans and anticipates closing $75.5 million in loans by the end of the current fiscal year, Douglas J. Weeks, president and chief executive officer, said in a statement. In the first quarter this year, it funded nearly $18 million in loans, he said.
The S&L also sold loans totaling $23 million in the secondary market in its first fiscal year and expects to sell $65 million this year. It sold $13 million worth of loans in the secondary market in the first quarter this year, according to the statement.