: PacWest says deposits rising, confirms talks with possible investors, partners
PacWest Bancorp PACW said Thursday that its deposits were rising and that the lender had been in discussions with possible investors or partners. The troubled regional bank tumbled in late trading on Wednesday, taking several other banking stocks with it, following a report by Bloomberg that executives were weighing a possible sale. “The bank has not experienced out-of-the-ordinary deposit flows following the sale of First Republic Bank and other news. Core customer deposits have increased since March 31, 2023, with total deposits totaling $28 billion as of May 2, 2023 with insured deposits totaling 75% vs. 71% at quarter end and 73% as of April 24, 2023.” it said in a statement. PacWest added that it had “explored strategic asset sales,” including the sale of its $2.7 billion Lender Finance loan portfolio in the first quarter, which it said remains on track. As well, the lender has been “approached by several potential partners and investors – discussions are ongoing. The company will continue to evaluate all options to maximize shareholder value.”
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