PacWest Bancorp in Los Angeles reported a quarterly loss that reflected a goodwill impairment charge and expenses tied to an efficiency effort. The $44.3 billion-asset company also announced plans to reduce its asset size by roughly 20% by selling loans and planned portfolio reductions. The effort comes after PacWest’s deposits fell by nearly 17% in the first quarter from yearend 2023. PacWest said it has initiated the sale of its

Lake Shore Bancorp in Dunkirk, N.Y., has a new CEO. The $700 million-asset company said in a press release that Kim Liddell was also named president and joined its board. He recently served as chairman, president and CEO of Delmarva Bancshares. Liddell also serves on the board of BV Financial. “We are extremely pleased to welcome Kim to the Lake Shore Savings team,” Kevin Sanvidge, Lake Shore’s chairman, said in the release. “I am confident

BankUnited in Miami Lakes, Fla., lost $1.8 billion of deposits in the week after the failures of Silicon Valley Bank and Signature Bank. The $37.2 billion-asset bank said in a press release that it gained $245 million of deposits over the last two weeks of March. Still, total deposits fell by 6.5% in the first quarter from the end of 2022, to $25.7 billion. BankUnited said deposit outflows were concentrated

Atlantic Union Bankshares in Richmond, Va., said a series of balance sheet moves, a legal reserve and a higher loan-loss provision cut into quarterly profit. The $21 billion-asset company’s first-quarter net income available for shareholders fell by 19.7% from a year earlier, to $32.7 million. Atlantic Union said that it sold $505.7 million of securities between Jan. 18 and March 9 at a pretax loss of $13.4 million. Net proceeds

Peoples Bancorp in Marietta, Ohio, reported improved quarterly profit despite repositioning its balance sheet and recording a loan-loss provision. The $7.3 billion-asset company said in a press release that first-quarter net income rose 13% from a year earlier, to $26.6 million. Peoples sold $96.7 million of lower-yielding securities at an after-tax loss of $1.6 million. The proceeds were used to pay down overnight borrowings. The realized losses should be earned back

Three community banks completed private placements of common stock that collectively brought in nearly $45 million of capital. Iron Bancshares in Salisbury, Conn.; Thread Bancorp in Rogersville, Tenn.; and First Capital Bancshares in Charleston, S.C., raised capital between April 11 and April 14, according to data compiled by Performance Trust Capital Partners. The $417 million-asset Thread raised $25.2 million. The company recently brought on a Banking-as-a-Service client and hired a

NBT Bancorp in Norwich, N.Y., reported lower quarterly net income after writing off a $5 million investment in a failed bank. The $11.8 billion-asset company said in a press release that it had invested in subordinated debt for the failed institution, which it did not name. AmeriServ Financial recently disclosed that it wrote off sub debt tied to Signature Bank. First-quarter profit at NBT fell by 14% from a year

First Republic Bank in San Francisco plans to cut 20% to 25% of its workforce. The $233 billion-asset bank said in a press release the cuts will occur in the second quarter. Other cost-cutting moves will include “significant reductions” to executive compensation, condensing corporate office space and reducing nonessential projects and activities. First Republic also said it is “pursuing strategic options to expedite its progress while reinforcing its capital position.”