Western Alliance, PacWest put $9.8bn of loans up for sale
Embattled banks to dispose of 13% and 10% of respective loan books as strategic options talks continue
Western Alliance Bank and PacWest Bancorp put $9.8 billion of their loans up for grabs in the first quarter to bolster liquidity – an alternative strategy to the bond-book fire sale that sparked the fatal run on Silicon Valley Bank.
Western Alliance reclassified $6 billion of loans to the held-for-sale (HFS) category, pre-emptively booking a $123 million charge from incurred and expected markdowns.
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