Pacwest Bancorp (PACW) Provides Further Update and Details on Financial Strength

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Go back to Pacwest Bancorp (PACW) Provides Further Update and Details on Financial Strength

Pacific Western Bank Provides Further Update and Details on Financial Strength

March 22, 2023 8:45 AM EDT

LOS ANGELES, March 22, 2023 (GLOBE NEWSWIRE) -- Pacific Western Bank (the Bank), the primary subsidiary of PacWest Bancorp (NASDAQ: PACW) (the Company), today issues the following update regarding its financial strength, including liquidity and deposits, as well as other recent developments. Financial information is unaudited.

Consistent with its announcement on March 17, 2023, the Bank continues to benefit from solid liquidity and stabilized deposit balances, with over $11.4 billion in available cash as of March 20, 2023, which exceeds total uninsured deposits of $9.5 billion as of March 20, 2023. 

The Bank also continues to have a diversified deposit base that includes commercial, community... More