PacWest Bancorp has announced the sale of its real-estate lending arm, Civic Financial Services, to Roc360. The sale price was not disclosed.
The move is seen as a way to bolster the bank’s finances and shore up investor confidence in the regional banking sector, which has been hit hard by the collapse of three regional banks since March.
Roc360 will assume Civic’s business operations, including data, intellectual property, brand and workforce. However, the firm will not inherit the company’s previously extended loans or loan-servicing operations.
PacWest had previously announced that it was exploring strategic asset sales to sharpen focus on its core business segments. The sale of Civic Financial Services is the first step in this process.
The bank and Roc360 did not immediately respond to requests for comment.