Banc of California Is Selling $2 Billion of Residential Loans

Banc of California Inc., a regional bank, is selling about $2 billion of business-purpose mortgage loans in a process led by Morgan Stanley, according to people with knowledge of the matter.

Banc of California picked up the loans after its acquisition late last year of PacWest Bancorp in a rescue deal, not long after fears of bank failures caused a run on deposits at regional lenders.