PacWest Bancorp (NASDAQ:PACW) sold its Civic Financial Services property lending division to the real estate financing firm Roc360 for an undisclosed amount.
The sale, which was reported by the Wall Street Journal, is the second transaction this week involving PacWest jettisoning its real estate operations as a means of stabilizing its financial health. On Monday, the company sold a portfolio of 74 real estate construction loans to the real estate investment company Kennedy-Wilson Holdings Inc. for $2.6 billion.
Civic Financial Services specializes in lending money to landlords and investors who buy homes to fix them up for resale. PacWest acquired Civic in 2021 from Wedgwood LLC, also for an undisclosed sum. In February, the bank said it would cut approximately 200 Civic employees and reduce the division’s operations.
Although the financial aspects of the acquisition were not announced, Roc360 confirmed it would take on Civic’s current business operations but not its previously extended loans or loan-servicing operations.