CommerceBank Woos Irvine Money-Handling Firm
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NEWPORT BEACH — CommerceBank said Friday that it is negotiating to buy an Irvine company that acts as a custodian of money--collecting money and making payments for commercial transactions.
Raymond E. Dellerba, the bank’s president, said CommerceBank is in final talks to buy Newport West Custodial Corp. and to hire its owner, Scott Purcell, and his seven employees.
Newport West would become a division in the bank that would act much like a mortgage banker’s servicing arm, which bills borrowers, collects payments and forwards the proceeds to lenders.
A custodial operation executes the deals made by others, such as brokerages and insurance companies, and retains a part of the payments as its fee. Dellerba said few banks have custodial operations, but such divisions fit well with a banking operation.
Newport West services a $300-million portfolio. Dellerba would not reveal the company’s income.
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