Wilshire Credit Sold to Merrill Lynch

Wilshire Financial Services Group, Beaverton, Ore., has signed an agreement to sell its mortgage servicing subsidiary to Merrill Lynch Mortgage Capital.Wilshire Financial said it will receive a cash purchase price of about $52 million for Wilshire Credit Corp., the company's nonprime credit quality servicing specialist. The purchase price is subject to adjustment based on the net asset value reflected on Wilshire's closing-day balance sheet. Jay Memmott, president and chief executive officer of Wilshire Credit, will continue in his position once the deal is closed. The company will continue to operate from its Beaverton location. Wilshire Financial can be found on the Web at http://www.wfsg.com.