Why Shares of PacWest Bancorp Are Rising Today

Shares of PacWest Bancorp (NASDAQ: PACW) are trading nearly 5% higher as of 10:40 a.m. ET today after having been up as much as 11% earlier this morning. The bank said in a regulatory filing that it had sold a lender finance loan portfolio with outstanding balances of more than $3.5 billion.

Ever since the banking crisis back in March, PacWest has been one of the most pressured and volatile bank stocks in the sector, with its stock down around 67% this year. The bank had exposure to venture capital and tech deposits, which have declined at the bank and spooked investors.

Since then, the bank has been selling certain assets to shrink the balance sheet and boost its capital and liquidity ratios.

Source Fool.com