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Pacwest Bancorp

All articles tagged with #pacwest bancorp

finance2 years ago

Ares Management acquires $3.5 billion loan portfolio from PacWest.

PacWest Bancorp has sold a $3.5bn asset-backed loan portfolio to Ares Management Corp. in a bid to improve liquidity by selling assets to private investment firms. The portfolio purchased by Ares has an aggregate commitment amount of $3.54bn, including an outstanding principal balance of $2.21bn. Private equity and private credit shops are among the few firms with the capital and appetite needed to buy sizable amounts of consumer assets originated by bigger banks.

via Yahoo Finance|
#ares-management-corp#asset-sales#finance
finance2 years ago

PacWest Sells $5.7B Loan Portfolio to Kennedy Wilson.

PacWest Bancorp has sold the first tranche of a $5.7 billion loan portfolio to Kennedy Wilson Holdings and its affiliate Fairfax Financial Holdings. The sale is part of PacWest's efforts to shore up liquidity after runs on deposits hit several regional lenders earlier this year. The first tranche of loans acquired by Kennedy Wilson and Fairfax totaled $3.25 billion in commitments and $1.8 billion in principal balances. PacWest's shares have slumped 60% this year amid the turmoil.

via Yahoo Finance|
#finance#kennedy-wilson-holdings#liquidity
business2 years ago

PacWest's Real-Estate Lending Business Sold to Roc360 Amid Investor Concerns.

PacWest Bancorp has sold its real estate lending unit, Civic Financial Services, to Roc360, a real estate lending firm. The terms of the deal were not disclosed. PacWest has been struggling with unrealized losses on its holdings of bonds and loans, and some investors have grown concerned about its concentration in commercial real estate loans. The sale of Civic is part of PacWest's restructuring efforts to improve profitability and risk profile.

via Yahoo Finance|
#business#pacwest-bancorp#real-estate-lending
finance2 years ago

PacWest's $2.6B real estate loan sale boosts shares.

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%.

via Reuters|
#finance#kennedy-wilson-holdings#loan-portfolio-sale
finance2 years ago

PacWest's $2.6B Real Estate Loan Sale Boosts Stock Gains.

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 Inc at a discount of nearly $200 million. The deal is expected to help the bank build its common equity tier 1 capital. The move comes as the regional banking sector grapples with its biggest crisis since 2008, and PacWest had earlier said it was exploring strategic asset sales to sharpen focus on its core business segments.

via Yahoo Finance|
#common-equity-tier-1-capital#finance#kennedy-wilson-holdings-inc
finance2 years ago

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

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.

via NBC News|
#balance-sheet#finance#kennedy-wilson-holdings
business2 years ago

Midday Market Movers: PacWest, DraftKings, Pfizer, Foot Locker and More

PacWest Bancorp's shares rose 14% after selling $2.6 billion worth of construction loans to a subsidiary of Kennedy-Wilson Holdings. DraftKings' shares soared 8% after UBS upgraded the stock to buy from neutral. Pfizer's shares popped more than 3% after a peer-reviewed study showed an oral drug from Pfizer for weight loss showed similar and faster results than competitor Novo Nordisk's Ozempic. Nike's shares declined 2.7% after Citi added a negative catalyst watch on the athletic apparel company. Micron Technology's shares shed 2.5% after China's Cyberspace Administration barred operators of "critical information infrastructure" in that country from purchasing products from Micron.

via CNBC|
#business#draftkings#micron-technology
finance2 years ago

PacWest Bancorp sells $2.6 billion real estate loans at discount to Kennedy-Wilson unit.

PacWest Bancorp has agreed to sell a $2.6 billion portfolio of real estate construction loans to Kennedy-Wilson Holdings Inc. at a discounted price of about $2.4 billion, as part of its efforts to shore up liquidity. The portfolio of loans PacWest is selling accounts for more than half of its real estate construction and land loans. PacWest will sell six more loans to Kennedy-Wilson for about $363 million if it wins certain approvals.

via Yahoo Finance|
#finance#kennedy-wilson-holdings-inc#liquidity
business2 years ago

PacWest sells $2.7B in real estate loans to Kennedy-Wilson unit, stock gains.

PacWest Bancorp has agreed to sell a portfolio of 74 real estate construction loans worth around $2.6B to a subsidiary of Kennedy-Wilson Holdings, as well as six additional loans worth around $363M. The deal is expected to close in multiple tranches in Q2 and Q3 of 2023, subject to satisfactory due diligence by Kennedy-Wilson. PacWest's stock climbed 7.2% in premarket trading following the announcement.

via Seeking Alpha|
#bank-selloff#business#construction-loans
business2 years ago

PacWest Bancorp to offload real estate loans to Kennedy-Wilson

PacWest Bancorp has agreed to sell a portfolio of 74 real estate construction loans worth around $2.6bn to a unit of Kennedy-Wilson Holdings. The bank will also sell an additional six real estate construction loans worth around $363m to Kennedy-Wilson. The sale comes as PacWest has been exploring strategic options and focusing on core products such as homeowners' association banking. The transaction is expected to close in multiple tranches during Q2 and early Q3 of 2023.

via CNBC|
#business#kennedy-wilson#pacwest-bancorp
finance2 years ago

PacWest Bank to Sell $2.6 Billion in Real Estate Loans, Sparks Stock Rally.

PacWest Bancorp's stock rose 21% after announcing the sale of a $2.6 billion portfolio of 74 real-estate-construction loans to refocus on its core community-banking business. The move sparked a rally in regional-bank stocks, with Hovde Group initiating coverage of Zions Bancorp with a bullish outperform rating. The sale of the loans is subject to Kennedy Wilson's satisfactory due diligence and is expected to close in several tranches in the second and third quarters. PacWest shares are down 73% in the year to date, caught up in the turmoil created by bank failures.

via MarketWatch|
#finance#kennedy-wilson-holdings#pacwest-bancorp
finance2 years ago

Regional US Banks Bounce Back from Crisis of Confidence

Shares of US regional banks, including PacWest Bancorp, Western Alliance Bancorp, Fifth Third Bancorp, Comerica Inc, and KeyCorp, rose as investors tried to look past the crisis of confidence brought on by the collapse of three banks in two months. The KBW Regional Banking Index, which had lost 13.7% so far this month, rose 2%. Despite deposits rising, investors have remained wary of any reassurances from analysts and regulators on the stability of the regional banks. Deposits at US banks climbed to $17.16tn in the week ended May 3, up about $67bn to mark the first increase in four weeks.

via Yahoo Finance|
#crisis-of-confidence#deposits#finance
finance2 years ago

PacWest Bancorp's Volatile Week: Insider Acquisitions Boost Confidence Amidst Deposit Drops and Short-Selling Ban Talks.

PacWest Bancorp (PACW) is a Los Angeles-based bank holding company that has experienced withdrawals of roughly $5 billion in Q4 2022 and has seen its debt-to-equity ratio skyrocket by more than 400% in 2023 alone. The company's Q1 earnings announcement was disappointing, with earnings growth slowing by 35% versus last year and non-adjusted earnings careening lower to a loss of $10.22 a share. PacWest's stock price has underperformed 99% of its peers over the past twelve months, and until it can get back over the 50-day moving average, it should be considered an avoid.

via Yahoo Finance|
#debt#earnings#finance