PacWest Shares Are Rising Today: What's Going On?

PacWest Bancorp PACW shares are trading higher Monday after Ares Management acquired the bank's $3.5 billion specialty finance loan portfolio.

What Happened: Ares Management said certain funds managed by its Alternative Credit strategy have completed the acquisition of the specialty finance loan portfolio, which consists of high quality, senior secured, asset-backed loans across a variety of industries.

"We are pleased to have worked together with Ares to complete this strategic transaction," said Paul Taylor, president and CEO of PacWest Bancorp.

"This transaction will improve our liquidity and capital as we continue to implement our announced strategy to return our focus to relationship-based community banking."

PacWest's portfolio includes consumer loans, small business loans, timeshare receivables, auto loans, asset manager and fund finance loans, residential real estate loans and commercial real estate loans.

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PACW Price Action: PacWest shares are down more than 67% year-to-date. 

The stock was up 7.19% at $7.75 at the time of writing, according to Benzinga Pro.

Photo: Klarinette71 from Pixabay.