PacWest Bancorp Announces Loan Portfolio Sale
PacWest Bancorp (PACW)
Last pacwest bancorp earnings: 4/21 07:00 am
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pacwestbancorp.com
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Source: GlobeNewswire
LOS ANGELES, Dec. 11, 2017 (GLOBE NEWSWIRE) -- PacWest Bancorp (Nasdaq:PACW) (“PacWest”) today announced it has agreed to sell cash flow loans with an aggregate carrying value of $1.49 billion as of November 30, 2017 and expects to recognize a pre-tax gain of approximately $13 million. In connection with the sale of this portfolio, PacWest is exiting its commercial lending origination operations related to Healthcare, Technology and General Cash Flows, while retaining and continuing to grow its Security Cash Flow business. PacWest will consider options for redeploying the liquidity generated by this transaction, including partially offsetting the anticipated negative impact to earnings per share by reducing the balance of wholesale deposits and potentially replacing the current $150 million share repurchase program with a larger authorization. Matt Wagner, President and CEO, commented, “For both cyclical and competitive reasons we have deemphasized growth in our cash flow lending
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