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.