Westlake Thrift & Loan Assn. said that has sold $20 million of its car-loan portfolio to Central Banking Systems Credit Corp. in Memphis. With the completion of that deal, Westlake will continue to collect payments on the $20 million portfolio for a fee while making new car loans at higher interest rates.
Westlake said it had to sell part of its flourishing car-loan portfolio to remain within loan limits set by the state. The Westlake Village thrift loans auto buyers $64 million annually.
Craig Carver, president of the thrift's parent corporation, United Community Bank, said the sale should boost profits. Net income for the first six months of this year was $1 million. As of June 30, Westlake had assets of $82.5 million.