PacWest Bancorp (NASDAQ: PACW) has reportedly sold its Civic Financial Services unit, which specializes in lending money to landlords and investors, to Roc360, a real estate lending firm.
PacWest has unrealized losses on its holdings of bonds and loans. When banks have to sell underwater assets to meet deposit withdrawals, they must record the losses, a prospect that makes investors nervous.
Some investors have also grown concerned about PacWests commercial real-est loans concentration.
Citing Maksim Stavinsky, Roc360s co-founder and president, Wall Street Journal reported that the deal closed Tuesday, but the terms were not disclosed.
We view this as an opportunity to acquire prized brands and assets being sold at a discount due …
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