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Bank of Yorba Linda's Parent Is Acquired

March 02, 2000|EDMUND SANDERS | Edmund Sanders covers financial institutions and fraud for The Times. He can be reached at (714) 966-5811 and at edmund.sanders@latimes.com

First Bank, a mid-size bank in St. Louis with $5 billion in assets, has taken over the Diamond Bar mortgage division of BYL Bancorp, parent of Bank of Yorba Linda.

First Bank will assume certain lease and funding obligations, but paid no additional consideration for the unit, which employs about 35 people, according to Mark Turkcan, president of First Bank Mortgage, a unit of First Bank.

Officials at BYL Bancorp could not be reached for comment.

First Bank officials said they plan to use the Diamond Bar unit, renamed First Bank Mortgage, to expand their western lending operations into Nevada and Oregon. The unit expects to close $400 million in loans this year.

The bank also plans to refocus the unit on sub-prime lending--home loans to borrowers with credit problems.

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