PacWest sinks 11% as the California bank borrows cash following a 20% drop in deposits
shares tumbled Wednesday after the bank's update showed deposits have dropped by a fifth, leading the lender to obtain credit lines during an unsettling period of outflows from regional banks since the fall of Silicon Valley Bank this month.
The Los Angeles-based lender said deposits fell 20% to $27.1 billion as of March 20 from $33.9 billion at the end of 2022. It had logged deposits of $33.2 billion as of March 9 in a previousThere was a fall in venture banking deposits, accounting for 24% of the bank's total deposits compared with 33% at the end of last year.
PacWest said more than 65% of its deposit base was under the FDIC's $250,000 insurance coverage limit and that roughly $600 million of deposits were backed by tradeable securities. PacWest also landed a $1.4 billion in cash from investment firm ATLAS SP Partners through a senior asset-backed financing facility.
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