2023-05-04 09:19:17
U.S. regional bank holding companyPacWest Bancorp said deposit balances had increased since March and confirmed talks with potential investors.PacWest shares in following-hours tradingIt has fallen 60% at one point and is being watched as the next US regional bank whose financial condition is in doubt. The bank tried to calm the market.
“Following the sale of First Republic Bank and other reports, the bank has not experienced deposit outflows beyond normal,” the bank said in a statement dated March 3. It continues to be ample and outperforms non-insured deposits.”
PacWest is considering a range of strategic options, including a sale, Bloomberg News reports.The bank’s stock price plummeted in following-hours trading following the close of regular trading on March 3. Investors’ concerns regarding the banking sector, which has been shaken by deposit outflows and bankruptcies since early March, have been highlighted once more.
“We have been approached and are in ongoing discussions with several potential partners and investors in recent times,” the bank said in a statement. “We will continue to explore all options to maximize shareholder value. “
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Original title:PacWest Moves to Calm Market After Rout, Says Deposits Rose (1)(excerpt)
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