Mechanics Bancorp completes $417 million sale of auto loans to Bank of America
Mechanics Bank, a subsidiary of Mechanics Bancorp, completed the sale of approximately $417 million of its remaining performing indirect auto loans to Bank of America's trading desk, at a price near book value with an August 31, 2026 cutoff date. The bank retains about $13 million of runoff auto loans, and the company says the sale will reduce risk, improve liquidity and enhance future profitability. The filing does not quantify any gain, loss or earnings effect.
Key points
- Sale of approximately $417 million of remaining performing indirect auto loans to Bank of America's trading desk
- Loans sold at a price near book value, with an August 31, 2026 cutoff date
- Mechanics Bank retains approximately $13 million of runoff auto loans; Westlake Portfolio Management will service loans for both parties
- Filing gives no gain, loss or earnings figure from the sale
The filing
Written by AI on Nov 9, 2026, 8:38 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on September 16, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.