PacWest Bancorp in San Diego has sold off a significant portion of its troubled loans at a steep discount in an attempt to refocus on growth.

The $5.3 billion-asset company announced Wednesday that it sold 61 of its problem loans, totaling $323.6 million, for $200.6 million, or about 62 cents on the dollar. (The buyer was not identified.) PacWest expects to take a $41 million after-tax loss on the sale.

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