Spring Mountain Escrow Corp. Reportedly Buying Bank Unit
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Spring Mountain Escrow Corp. of Newport Beach is purchasing the escrow department of Security Pacific National Bank, according to sources close to the bank.
The sale price was not disclosed, and spokeswomen for both companies declined to comment. But the sources said the transaction is expected to be completed next week.
Spring Mountain is the largest independent escrow company in Southern California, with 115 employees and 20 offices.
Security Pacific employs about 200 people in its escrow department, and it was unclear what arrangements have been made for their employment after the sale. The bank and its parent company have been selling assets to finance acquisitions in neighboring states.
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