Ares Management's $3.5 Billion Acquisition Boosts PacWest Stock.

PacWest's stock rose more than 6% after announcing a $3.5 billion sale of loans to Ares Management, the latest move by the regional bank to shrink its balance sheet. PacWest is one of several regional lenders that struggled to keep depositors following the March 10 failure of Silicon Valley Bank. However, since then, regional bank stocks have rallied on optimism that the worst was over for regional banks. PacWest has lost 17% of its deposits in the first quarter and posted a loss of $1.2 billion. Year to date its stock is still down 68.5% as of Friday’s close despite rallying from its lows in the spring.