Report: Pacific Western Bank shares drop as bank explores asset sales
– The Washington Post reports –
Pacific Western Bank branch at 1204 Spring St. in Paso Robles. Image from Google.
Bank has 67 branches, including one in Paso Robles
– PacWest Bancorp is the latest regional bank to come under pressure amid rising interest rates, with its shares down 37 percent in premarket trading Thursday.
In an overnight statement, the Los Angeles-based bank said it has explored strategic asset sales, including moving a $2.7 billion lender finance portfolio to “held for sale.” The bank also said it is considering strategic options that it did not specify.
“Recently, the Company has been approached by several potential partners and investors — discussions are ongoing,” the bank’s statement reads. “The company will continue to evaluate all options to maximize shareholder value.”
The bank released its statement after its stock plunged more than 50 percent in late trading Wednesday, a drop that occurred after Bloomberg News reported that the institution is exploring a possible sale.
The company operates 67 Pacific Western Bank branches primarily in California, including one on Spring Street in Paso Robles.
Read the original story at The Washington Post
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