PacWest Bancorp Stock Is Trading Higher: What's Going On?
Portfolio Pulse from Adam Eckert
PacWest Bancorp (NASDAQ:PACW) shares are rising after Pacific Western Bank entered into an agreement with a subsidiary of Kennedy-Wilson Holdings to sell a portfolio of 74 real estate construction loans with a principal balance of $2.6 billion. The transaction is expected to close in multiple tranches during Q2 and early Q3.
May 22, 2023 | 3:04 pm
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PacWest Bancorp's stock is trading higher after the bank entered into a loan purchase and sale agreement with a subsidiary of Kennedy-Wilson Holdings.
The sale of the real estate construction loans portfolio is a positive development for PacWest Bancorp, as it helps the bank to reduce its exposure to the struggling regional banking sector. This could lead to increased investor confidence and a short-term positive impact on the stock price.
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IMPORTANCE 80
RELEVANCE 100