Bank / Credit Union

Pacific Western Bank acquires CIVIC Financial Services

February 2, 2021

Pacific Western Bank announced it has acquired CIVIC Financial Services LLC. CIVIC is an institutional private lender in the U.S. specializing in residential business. Terms of the agreement were not disclosed, according to a press release.

CIVIC will operate as a wholly-owned subsidiary of Pacific Western Bank, with William J. Tessar continuing on as president of the company.

Founded in 2014 to serve investors who did not fit within traditional real estate lending criteria, CIVIC has funded more than 10,000 loans to real estate investors for more than $4.4 billion.

The acquisition of CIVIC advances Pacific Western Bank's strategy to expand its lending portfolio and diversify its revenue streams.

"We believe there is growth and earning potential in the residential BPL space," said Matt Wagner, president and CEO of Pacific Western Bank in the release. "This acquisition creates an opportunity for us to grow in the private lending space with a proven market leader, creating value for both of our organizations. We are pleased to welcome CIVIC's team to Pacific Western Bank."