Business / Finance

PacWest begins sale of $5.7 billion loan portfolio to Kennedy Wilson

Logo American BankerAmerican Banker
2023-06-09 22:38:03  • 2 mins

Morgan Lieberman/Bloomberg

PacWest Bancorp has completed the first part of the sale of a $5.7 billion loan portfolio to the real estate investment company Kennedy Wilson Holdings as the U.S. regional bank takes steps to shore up liquidity.

The first tranche of loans acquired by Kennedy Wilson and its affiliate Fairfax Financial Holdings totaled $3.25 billion in commitments and $1.8 billion in principal balances, Kennedy Wilson said in a statement Friday.

Cain International and Security Benefit Life Insurance agreed to buy 10 of the loans, which are focused on rental apartments and student-housing developments in New York City and its suburbs, according to a separate statement.

PacWest is taking steps to bolster its finances after runs on deposits struck several regional lenders earlier this year, leading to the collapse of three California-based banks and one in New York. Its shares have slumped 60% this year amid the turmoil.

Continue read on americanbanker.com

Business / Finance
W. P. Carey To Spin-Off Majority Of Office Portfolio Into Publicly-Traded REIT
(RTTNews) - W. P. Carey Inc. (WPC) said its Board has approved a plan to exit the office assets within its portfolio by: spinning-off 59 office properties...
Logo NasdaqNasdaq
2023-09-21 11:51:59  • 1 min
Business / Finance
Tether is lending out $5.5 billion in stablecoins less than a year after it said it would stop issuing loans
The stablecoins lending practices raises questions about its ability to withstand a bank run.
Logo FortuneFortune
2023-09-21 19:09:47  • 1 min
Business / Finance
CFPB outlines sweeping data proposal, drawing swift bank condemnation
Vice President Kamala Harris joined Consumer Financial Protection Bureau director Rohit Chopra in announcing a proposal that would usher in sweeping changes...
Logo American BankerAmerican Banker
2023-09-21 21:04:14  • 1 min
Business / Finance
Arthur J. Gallagher & Co. Acquires Ace Commercial Insurance Center - Quick Facts
(RTTNews) - Global insurance brokerage, risk management and consulting services firm Arthur J. Gallagher & Co. (AJG) announced the acquisition of Corona,...
Logo NasdaqNasdaq
2023-09-21 13:09:45  • 1 min
Business / Finance
Eastern's call to sell insurance unit, buy Cambridge Trust questioned
Eastern Bankshares says its deal for Cambridge Trust Co. would further solidify its status as the largest Boston-based community bank. Adobe Stock Eastern...
Logo American BankerAmerican Banker
2023-09-20 23:16:03  • 1 min
Business / Finance
Bank M&A rebounds in August, bolstered by pent-up demand
U.S. bank merger-and-acquisition activity accelerated in August, breathing new life into an otherwise dormant year amid recession worries, weakened financial...
Logo American BankerAmerican Banker
2023-09-21 15:22:25  • 1 min
Business / Finance
Massachusetts mutuals agree to merge, form multibank holding company
The parent company of Hyannis, Massachusetts-based Cape Cod 5 said Thursday it would merge with the parent of in-state peer Fidelity Bank in Leominster. Gary...
Logo American BankerAmerican Banker
2023-09-21 21:07:38  • 1 min
Business / Finance
Treasury program makes record awards to lenders in distressed areas
The awards announced by the Treasury Department this week are the largest ever for a program that dates back more than two decades, and which aims to boost...
Logo American BankerAmerican Banker
2023-09-21 22:49:52  • 1 min
Business / Finance
Thursday 9/21 Insider Buying Report: BHLB, NMRA
As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy -- they expect to make money. So let's look at...
Logo NasdaqNasdaq
2023-09-21 14:33:31  • 1 min
Business / Finance
Breaking Free from the Shackles of Student Loans
By Tammy Trenta, MBA, CFP, CTC, CEXP,Founder and CEO - Family Financial I really thought this student loan thing would sort itself out. Now, Im in trouble....
Logo NasdaqNasdaq
2023-09-21 15:08:00  • 2 mins
Business / Finance
Morgan Stanley Maintains Pinnacle West Capital (PNW) Equal-Weight Recommendation
Fintel reports that on September 21, 2023, Morgan Stanley maintained coverage of Pinnacle West Capital ( NYSE:PNW ) with a Equal-Weight recommendation....
Logo NasdaqNasdaq
2023-09-21 14:44:38  • 1 min
Business / Finance
Morgan Stanley sued over Brightline deal by private equity firms
Morgan Stanley's desire for future municipal bond business from high-speed rail operator Brightline Holdings drove the bank to lie about terms of a key...
Logo American BankerAmerican Banker
2023-09-21 19:18:25  • 1 min
Politics
Former Bridgewater CEO Dave McCormick would get big money backing for Pennsylvania U.S. Senate run
Key Points Dave McCormick huddled with Wall Street titans at the Southampton estate of Tory Burch just weeks before his expected Senate campaign...
Logo CNBCCNBC
2023-09-21 19:30:58  • 1 min
Business / Finance
DITO gets $3.9-B loan to fund telco expansion
MANILA -DITO CME Holdings Corp., which has recently received a series of capital infusions, continues to build up its war chest after securing a $3.9-billion...
Logo Inquirer.netInquirer.net
2023-09-21 18:18:00  • 1 min
Business / Finance
FDIC's Hill: Pause new bank regulations amid interest rate environment
Federal Deposit Insurance Corp. vice chair Travis Hill said in a speech Thursday that regulators should table their ambitious rulemaking agenda until...
Logo American BankerAmerican Banker
2023-09-21 18:23:27  • 2 mins
Business / Finance
Sabre Reaches Analyst Target Price
In recent trading, shares of Sabre Corp (Symbol: SABR) have crossed above the average analyst 12-month target price of $4.50, changing hands for $4.56/share....
Logo NasdaqNasdaq
2023-09-21 10:57:14  • 1 min
Business / Finance
President Biden nominates Tanya Otsuka to NCUA board
If confirmed to the National Credit Union Administration, Otsuka would succeed Rodney Hood and become the board's first Asian American member. Frank Gargano...
Logo American BankerAmerican Banker
2023-09-21 20:40:48  • 1 min
Business / Finance
Commit To Buy Eastern Bankshares At $10, Earn 6.9% Annualized Using Options
Investors considering a purchase of Eastern Bankshares Inc (Symbol: EBC) shares, but cautious about paying the going market price of $12.88/share, might...
Logo NasdaqNasdaq
2023-09-21 17:28:06  • 2 mins
Business / Finance
BUSINESS LIVE: Interest rate decision - will they rise to 5.5%? Retailer Next upgrades profit...
Today, all eyes will be on Bank of England policymakers and whether they will once again hike base rate. That comes after inflation data yesterday revealed...
Logo Daily MailDaily Mail
2023-09-21 07:10:57  • 1 min
Business / Finance
US Bancorp is Oversold
The DividendRank formula at Dividend Channel ranks a coverage universe of thousands of dividend stocks, according to a proprietary formula designed to...
Logo NasdaqNasdaq
2023-09-21 15:30:29  • 2 mins
22 Sep, 2023 >
Brock Purdy TD pass to Ronnie Bell gives 49ers lead over Giants - ESPN
Sep 22, 2023  | 4:36
The Fed says it can regulate stablecoins. So why doesn't it?
Sep 22, 2023  | 4:30
Sudan leader warns war could spill over into neighbours
Sep 22, 2023  | 4:22
Australian Market Sharply Lower
Sep 22, 2023  | 4:22
World >
AI risks destabilising world, deputy PM to tell UN
Sep 22, 2023  | 2:26
Despite risks fish farms are booming in Africa
Sep 22, 2023  | 2:30
Do China's recent military purges spell trouble for Xi Jinping?
Sep 22, 2023  | 3:23
Sudan leader warns war could spill over into neighbours
Sep 22, 2023  | 4:22
Business >
Australian Market Sharply Lower
Sep 22, 2023  | 4:22
Cantor Fitzgerald Reiterates Regeneron Pharmaceuticals (REGN) Neutral Recommendation
Sep 22, 2023  | 4:19
Truist Securities Maintains WestRock (WRK) Hold Recommendation
Sep 22, 2023  | 4:20
The Fed says it can regulate stablecoins. So why doesn't it?
Sep 22, 2023  | 4:30
Politics >
Inside the Deal to Free 5 American Prisoners in Iran
Sep 22, 2023  | 3:22
Voters arent talking about Brexit, says Lib Dem leader
Sep 22, 2023  | 4:02
Zelenskyy Visiting Canada for First Time Since War Started Seeking to Shore up Support for Ukraine
Sep 22, 2023  | 3:41
Weapons Charges Dropped in 2018 Raid on Family Compound in Desert That Turned up Child's Remains
Sep 22, 2023  | 3:32
Health >
FTC Sues Anesthesia Group Backed by Private Equity, Claiming Antitrust
Sep 22, 2023  | 2:04
Major study hopes to tackle ME stigma
Sep 22, 2023  | 2:01
U.S. to produce more COVID-19 tests for free distribution as cases rise
Sep 22, 2023  | 3:23
Toronto food bank sees a quarter-million visits in August
Sep 22, 2023  | 3:30
Entertainment >
Traitors US season two cast includes Ekin-Su Culculoglu and John Bercow
Sep 22, 2023  | 0:41
The creepy high street toy shop where nothing is for sale
Sep 22, 2023  | 0:53
Expend4bles Review: Band of Meatheads
Sep 22, 2023  | 1:00
Wigan Casino: Northern Soul finds a new crowd on nightclub's 50th anniversary
Sep 22, 2023  | 4:06
Science >
Whale found dead on North Yorkshire beach
Sep 21, 2023  | 20:33
Lough Neagh: 168 confirmed algae reports in Northern Ireland since May
Sep 21, 2023  | 20:33
Metal-mining pollution impacts 23 million people worldwide
Sep 21, 2023  | 21:00
Swansea: Clydach golf club's 30,000 flood damage
Sep 21, 2023  | 23:36
Lifestyle >
Make Soup Now for When Youre Sick Later
Sep 21, 2023  | 20:00
The East Village Restaurants Where a Restaurant Critic Cut His Teeth
Sep 21, 2023  | 23:00
How TikTok Fueled the Tinned Fish Trend
Sep 21, 2023  | 22:57
Michael Wolff Draws a Crowd
Sep 22, 2023  | 3:56
Auto >
Sudan leader warns war could spill over into neighbours
Sep 22, 2023  | 4:22
Australian Market Sharply Lower
Sep 22, 2023  | 4:22
Brock Purdy TD pass to Ronnie Bell gives 49ers lead over Giants - ESPN
Sep 22, 2023  | 4:36
The Fed says it can regulate stablecoins. So why doesn't it?
Sep 22, 2023  | 4:30
Environment >
White House Directs Agencies to Account for Climate Change in Budgets
Sep 21, 2023  | 20:04
Bill Gates Says Brute Force Climate Policies Wont Work
Sep 21, 2023  | 23:57
Al Gore Says Fossil Fuel Industry Seek to Capture Climate Talks
Sep 22, 2023  | 1:22
The Fault Lines at Climate Week
Sep 22, 2023  | 1:59
Travel >
Block Islands Nature Preserves Offer Solitude and Wildlife
Sep 20, 2023  | 12:00
The Police Seized My Rental Car Reported Stolen and Avis Wont Refund Me
Sep 21, 2023  | 12:00
Want to Attend an Indian Wedding? Now You Can Pay To.
Sep 21, 2023  | 12:00
At This Vending Machine, Four Quarters Get You One Surprise Artwork
Sep 21, 2023  | 16:00
Sports >
NFL Week 3 - Brock Purdy and more arrivals - ESPN
Sep 22, 2023  | 4:06
Shannon Sharpe is hilariously snubbed by the paparazzi as Selena Gomez interrupts his video...
Sep 22, 2023  | 4:07
Shaq draws surprising parallel between Deion Sanders and Phil Jackson
Sep 22, 2023  | 4:17
Brock Purdy TD pass to Ronnie Bell gives 49ers lead over Giants - ESPN
Sep 22, 2023  | 4:36
Education >
Suffolk care leaver praises Staying Close support scheme
Sep 21, 2023  | 20:32
Douglas hotel complex to get government funding from urban sites scheme
Sep 21, 2023  | 21:15
Alabama School Band Director Says Police Used a Taser to Stop the Music
Sep 21, 2023  | 22:29
Estate agent Ian Wyn-Jones suspended by firm over complaints
Sep 22, 2023  | 0:36
Press Release >
Sudan leader warns war could spill over into neighbours
Sep 22, 2023  | 4:22
Australian Market Sharply Lower
Sep 22, 2023  | 4:22
Brock Purdy TD pass to Ronnie Bell gives 49ers lead over Giants - ESPN
Sep 22, 2023  | 4:36
The Fed says it can regulate stablecoins. So why doesn't it?
Sep 22, 2023  | 4:30