PacWest has agreed to sell a $3.54 billion portfolio of lender finance loans to asset manager Ares Management Corp., the bank said Monday in a filing.
“This transaction will improve our liquidity and capital as we continue to implement our announced strategy to return our focus to relationship-based community banking,” PacWest CEO Paul Taylor said in a statement Monday.
Beverly Hills, California-based PacWest has been one of the highest-profile targets of a slump in confidence investors have felt toward regional lenders in general since March.
