By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
IndebtaIndebta
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
9
Notification Show More
News
Brussels pushes schools to serve ‘made in Europe’ fruit and vegetables
54 minutes ago
News
Brussels moves to placate Paris over South American trade deal
2 hours ago
News
Trump reaps $50bn tariff haul as world ‘chickens out’
3 hours ago
Videos
Trump’s immigration and tariffs policies: How homebuilders are feeling the impact
6 hours ago
Videos
What Trump’s New Tax Law Means For You | The Bottom Line
7 hours ago
News
Donald Trump touts $90bn in energy and AI investments at Pennsylvania event
7 hours ago
News
Dimon warns on Fed independence as Trump piles pressure on Jay Powell
8 hours ago
News
Chief US audit regulator pushed out by Donald Trump’s new SEC chair
9 hours ago
News
Howard Lutnick says easing of Nvidia’s AI chip exports linked to China deal
10 hours ago
Aa
IndebtaIndebta
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
Indebta > Investing > PacWest sells its real-estate lending business to Roc360
Investing

PacWest sells its real-estate lending business to Roc360

News Room
Last updated: 2023/05/24 at 1:54 AM
By News Room
Share
2 Min Read
SHARE

PacWest Bancorp will sell its real-estate lending arm to Roc360, as the beleaguered regional bank moves to refocus on its core business.

The deal, first reported late Tuesday by the Wall Street Journal, comes a day after Los Angeles-based PacWest
PACW,
+7.74%
unveiled a plan to sell a $2.6 billion portfolio of real-estate construction loans.

In a statement Tuesday night, Roc360 said it will buy PacWest’s Civic Financial Services unit for an undisclosed sum. Roc360 will take on the unit’s business operations, but not its previously extended loans or loan-servicing operations.

“In the face of market difficulties, we continue to expand and develop more products and services for real-estate investors,” Roc360 Chief Executive Arvind Raghunathan said in a statement. “We believe that America’s housing stock is severely undersupplied, with more than 50% of homes in deferred maintenance, lacking the modern-day energy efficiencies that our clients install with each loan they take from us. We will continue to prudently expand and invest for long-term solutions to these structural problems.”

New York-based Roc360 is a financial services platform for residential real-estate investors, and includes the brands Roc Capital, Finance of America Commercial, ElmSure, Wimba Title and Tamarisk Appraisals.

On Tuesday, PacWest shares jumped 8% on news of Monday’s loan sale, which also fueled gains among other regional-bank stocks.

PacWest shares have sunk nearly 70% year to date, amid a wider downturn by regional banks following the failures of Silicon Valley Bank, Signature Bank and First Republic Bank.

Read the full article here

News Room May 24, 2023 May 24, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Brussels pushes schools to serve ‘made in Europe’ fruit and vegetables

Stay informed with free updatesSimply sign up to the Agriculture myFT Digest…

Brussels moves to placate Paris over South American trade deal

Stay informed with free updatesSimply sign up to the EU trade myFT…

Trump reaps $50bn tariff haul as world ‘chickens out’

America’s trading partners have largely failed to retaliate against Donald Trump’s tariff…

Trump’s immigration and tariffs policies: How homebuilders are feeling the impact

Watch full video on YouTube

What Trump’s New Tax Law Means For You | The Bottom Line

Watch full video on YouTube

- Advertisement -
Ad imageAd image

You Might Also Like

Investing

Nursing Home Stocks Could Suffer from this Medicaid Spending Remedy

By News Room
Investing

Bitcoin Drops Below $90,000 Again. What Could Move It Next.

By News Room
Investing

These Stocks Are Moving the Most Today: Marvell, Nvidia, Broadcom, GM, Tesla, MongoDB, Burlington, and More

By News Room
Investing

Nvidia Stock Falls as Marvell Earnings Compound AI Gloom. The Rising Risks for Chips.

By News Room
Investing

This analyst says Tesla deliveries will be 16% below expectations. Musk is part of the problem.

By News Room
Investing

BP CEO was awarded no bonus pay from oil giant’s financial performance

By News Room
Investing

Shares of Starlink’s European competitor have tripled. CEO says it can do the job in Ukraine.

By News Room
Investing

GE Vernova Stock Rises as Analyst Flips to Upgrade After Rating Cut

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?