PacWest Bancorp Stock Is Surging: What's Going On?
Portfolio Pulse from Adam Eckert
PacWest Bancorp's stock is surging due to the bank entering into a loan purchase and sale agreement with a subsidiary of Kennedy-Wilson Holdings. The deal involves selling a portfolio of 74 real estate construction loans with a principal balance of $2.6 billion and six additional loans with a balance of $363 million.

May 23, 2023 | 3:22 pm
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PacWest Bancorp's stock is surging due to a loan purchase and sale agreement with a subsidiary of Kennedy-Wilson Holdings, involving a $2.6 billion real estate construction loan portfolio.
The loan purchase and sale agreement with Kennedy-Wilson Holdings subsidiary is a positive development for PacWest Bancorp, as it aligns with the company's previously announced strategy of pursuing strategic asset sales. This deal is expected to boost the stock price in the short term, as it demonstrates progress in executing the company's strategy and helps recover from the heavy selling pressure faced by the regional banking sector.
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