The Bank Slate


PacWest having ‘ongoing’ talks with potential partners

PacWest Bancorp in Los Angeles said it hasn’t experienced any “out-of-the-ordinary deposit outflows” since Monday’s failure of First Republic Bank.


The $44.3 billion-asset company also said in a press release that it is having discussions after being approached by several potential partners.


“Discussions are ongoing,” PacWest said. “The company will continue to evaluate all options to maximize shareholder value.”


PacWest said that core customer deposits have risen in the second quarter, totaling $28 billion on May 2. Three-fourths of its deposits are insured.


PacWest also said it had recently paid down $1 billion of borrowings using excess liquidity.


The company reaffirmed that it is pursuing strategic asset sales, adding that the planned sale of its $2.7 billion lender finance loan book is on track. That sale should move its CET1 capital ratio closer to 10%.

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