February 25, 2010 (FinancialWire) — PacWest Bancorp (NASDAQ: PACW) said that its bank subsidiary, Pacific Western Bank, has completed the sale of 61 non-covered adversely classified loans totaling $323.6 million, which includes $107.6 million of nonaccrual loans, to an institutional buyer for $200.6 million in cash.

The sale was on a servicing-released basis and without recourse to Pacific Western Bank. The loans sold represent over one-half of the Bank’s non-covered adversely classified loans. According to PacWest, all of the loans sold were legacy Pacific Western Bank loans and none were “covered loans” acquired in the Affinity Bank acquisition.

California-based PacWest Bancorp is a bank holding company with one wholly-owned banking subsidiary, Pacific Western Bank that operates through 68 full-service community banking branches. Pacific Western provides commercial banking services, including real estate, construction and commercial loans, to small and medium-sized businesses.

The firm’s branches are located in Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Francisco, San Mateo and Ventura Counties in California

FinancialWire(tm) is committed to serving the financial community through true journalism and providing relevant resources to investors. Standards-based, independent equity research on numerous public companies is available through the Investrend Research Syndicate (http://www.investrend.com/reports) written by FIRST Research Consortium (http://www.investrend.com/FIRST) member-providers. Free annual reports and company filings for companies mentioned in the news are available through the Investrend Information Syndicate (at http://investrend.ar.wilink.com/?level=279). FinancialWire(tm), in cooperation with the Investrend Broadcast Syndicate, also provides complete, daily conference call and webcast schedules as a service to shareholders and investors via the FirstAlert(tm) Network’s “FirstAlert(tm) Daily” (http://www.financialwire.net/news-alerts/).

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) website (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.