Pacific Western Bank has acquired Civic Financial Services, LLC, (“CIVIC”), from Wedgewood, Inc. Headquartered in Redondo Beach, CA, CIVIC is one of the leading institutional private lenders in the United States specializing in residential business-purpose loans (BPLs). Terms of the agreement were not disclosed.

CIVIC will operate as a wholly-owned subsidiary of Pacific Western Bank, with William J. Tessar continuing on as the firm’s President. CIVIC was founded in 2014 through a partnership between Wedgewood and one of its subsidiaries, HMC Assets, to serve investors who did not fit within traditional real estate lending criteria. Since its inception, 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, Pacific Western Bank’s President and CEO. “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.”