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PacWest Bancorp has sold its residential business-purpose business, Civic Financial Services, to real estate lending firm Roc360, the Wall Street Journal reported this week.
The struggling Los Angeles-based regional bank closed the deal on Tuesday, but didn’t disclose financial terms, according to the report. Roc360 will take on Civic’s business operations, including its brand, data, intellectual property, and workforce. However, the division’s previously originated loans and loan-servicing operations are excluded from the sale.
Civic, acquired by PacWest in 2021, is a private lender specializing in business-purpose mortgages that finance real estate investment properties. The company has funded more than $9.4 billion in loans through its borrower-direct, broker, and correspondent channels since 2014.
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