PACW - Why Shares of PacWest Bancorp Are Rising Today
2023-05-23 14:29:09 ET
Shares of Los Angeles-based lender PacWest Bancorp (NASDAQ: PACW) traded nearly 13% higher as of 1:49 p.m. ET today, as the bank continued to rally after announcing a loan portfolio sale yesterday.
In a regulatory filing, PacWest announced that it had entered into an agreement to sell a real estate construction loan portfolio with an outstanding balance of $2.6 billion to a subsidiary of Kennedy-Wilson Holdings (NYSE: KW) .
Kennedy-Wilson will also be responsible for future funding obligations under the loan portfolio of roughly $2.7 billion. The company also agreed to purchase six other real estate construction loans with outstanding balances of $363 million.
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Why Shares of PacWest Bancorp Are Rising Today