PacWest's $2.6B real estate loan sale boosts shares.
TL;DR Summary
PacWest Bancorp's shares rose nearly 13% after the lender announced it would sell $2.6 billion worth of its loan portfolio to Kennedy-Wilson Holdings at a discount of nearly $200 million. The deal is expected to help the bank build its common equity tier 1 capital. The news also lifted the shares of other regional lenders, with the KBW Regional Banking Index and the S&P Regional Banks Index each gaining more than 2%.
Topics:business#finance#kennedy-wilson-holdings#loan-portfolio-sale#pacwest-bancorp#regional-banking#stock-market
- PacWest shares extend gains on $2.6 bln real estate loan sale Reuters
- PacWest plans to sell $2.6 billion real estate loans at discount Yahoo Finance
- PacWest shares extend gains on $2.6 billion real estate loan sale Yahoo Finance
- PacWest Selling Off $2.6B Construction Loan Portfolio Bisnow
- PacWest Bancorp Stock Is Surging: What's Going On? - PacWest Banc (NASDAQ:PACW) Benzinga
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