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PacWest's $2.6B loan sale boosts stock and regional bank rally.

1 min read
Source: NBC News
PacWest's $2.6B loan sale boosts stock and regional bank rally.
Photo: NBC News
TL;DR

PacWest Bancorp has agreed to sell a $2.6bn real estate construction loan portfolio at a discount to Kennedy-Wilson Holdings in a bid to improve its balance sheet. The deal gives the California-focused bank breathing space to cope with a flight of deposits that followed the collapse of Silicon Valley Bank and other regional peers over the last two months. PacWest has lost three-quarters of its market value since the regional banking crisis started on March 8.

Topics:businessfinance#balance-sheet#finance#kennedy-wilson-holdings#pacwest-bancorp#real-estate-construction-loans#regional-banking-crisis
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  1. Troubled regional lender PacWest sells $2.6 billion loans at discount  NBC News
  2. PacWest stock pops after selling $2.7 billion in real estate loans  Yahoo Finance
  3. PacWest shares extend gains on $2.6 bln real estate loan sale  Reuters
  4. PACW Leads a Rally in Regional Bank Stocks  TipRanks
  5. PacWest Selling Off $2.6B Construction Loan Portfolio  Bisnow

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