A New Trend? Two Leading SBA Lenders Acquired.
Native-American owned Borrego Springs Bank, the largest SBA micro 7(a) lender in the country, has been sold to Sonoma Bank. Sonoma says it will retain the 18 person SBA loan department. “Borrego will continue to operate under its current name following the acquisition, but Sterling (Sonoma Bank) plans to eventually bring the bank under brand. The acquisition has been approved by both companies’ boards of directors and is expected to be completed in the first quarter of 2013……… continue reading