Breaking News
Mar 22, 2023
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PacWest Bancorp, the parent of Pacific Western Bank, in focus said it has "solid liquidity and stabilized deposit balances" in its latest update to investors.
The bank's holding company said total available cash is $11.4 billion, which exceeds $9.5 billion in uninsured deposits. The bank said deposit withdrawals were $6.8 billion in the current quarter to March 20.
The bank also confirmed it borrowed $3.7 billion from the FHLB, $10.5 billion from the Federal Reserve Discount Window, and $2.1 billion in Bank Term Funding Program,
The bank said it will pursue other "liquidity enhancing measures" and decided not raise capital in the "current depressed market conditions."
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