Merrill Lynch Obtains Wilshire

Wilshire Financial Services Group has officially closed on the sale of its mortgage servicing unit, Wilshire Credit, to Merrill Lynch's mortgage subsidiary, Merrill Lynch Mortgage Capital.

Wilshire said proceeds from the cash sale, net of related costs, were $48 million, subject to adjustments based on the determination of final net asset value.

Wilshire Credit Corp., a Beaverton, Ore.-based servicer of predominantly nonprime loans, will continue to operate under its current name and at its current facility.

Wilshire Financial Services Group, meanwhile, has moved its headquarters to Calabasas, Calif., merging with the headquarters of its subsidiary, First Bank of Beverly Hills FSB. Subject to shareholder approval, WFSG plans to change its name to Beverly Hills Bancorp.

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