Heritage Buys $10.3M HEL Portfolio

Heritage Bank of Commerce, San Jose, Calif., has acquired a portfolio of fixed- and adjustable-rate closed-end home equity loans from Fremont Bank for $10.3 million, according to Heritage Bank's parent company, Heritage Commerce Corp.The average yield of the portfolio is 6.504%. The fixed-rate loans, amortized over periods of five to 15 years, have a face value of $8.5 million and an average yield of 6.498%, the company reported. The adjustable-rate loans, amortized over 30 years (with the balance of unpaid principal due at the end of the 15th year), have a face value of $1.8 million and an average yield of 6.533%. The parent company can be found online at http://www.heritagecommercecorp.com.