Struggling PacWest Offloads Real-Estate Lending Business To Roc360: Here's Why
Portfolio Pulse from Vandana Singh
PacWest Bancorp has sold its Civic Financial Services unit to Roc360, a real estate lending firm. The deal closed on Tuesday, but the terms were not disclosed. This comes after PacWest's announcement in January to restructure Civic to improve profitability and risk profile.
May 24, 2023 | 1:20 pm
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PacWest Bancorp sells its Civic Financial Services unit to Roc360, potentially easing concerns over commercial real-estate loans concentration.
PacWest Bancorp has sold its Civic Financial Services unit to Roc360, which may help address concerns over the concentration of commercial real-estate loans in its portfolio. The sale could potentially improve the bank's risk profile and profitability, but the impact on the stock price is uncertain as the terms of the deal were not disclosed.
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