PacTrust Completes First Transactions as Ginnie Issuer

Pacific Trust Bank has completed its first series of transactions as an approved issuer of Ginnie Mae mortgage-backed securities.

Banc of California, the multibank holding company for PacTrust and The Private Bank of California, said PacTrust participated in the issuance of an aggregate of $97.3 million in Ginnie Mae September multi-issuer pools.

“It was just a few months ago that we first became an approved issuer of Ginnie Mae mortgage-backed securities and since that time we have been building our secondary marketing platform,” said Jeffery Seabold, managing director of PacTrust Bank’s residential lending division, in a press release.

Seabold said the bank intends to be an active participant in issuing additional securities in the future.