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PacWest Bank borrows billions as depositors scatter
PacWest Secures $1.4 Billion Lifeline
By Sridhar Natarajan and Max Reyes
Wednesday, March 22, 2023
PacWest Bancorp is moving to shore up liquidity to protect itself after customers pulled 20% of their deposits since the start of the year.
The regional bank, whose shares have tumbled 58% this month, secured $1.4 billion from a financing facility from Atlas SP Partners and abandoned a separate push to raise capital because of market volatility, it said in a statement today.
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PacWest and other regional U.S. banks have been reeling since the collapse of three lenders earlier this month. Rising interest rates have depressed the value of the companies’ fixed-income investments, and a sudden surge in customer withdrawals has forced them to sell assets at a loss.
"In light of the current volatility in the market and depressed market prices for regional bank stocks, as well as the availability of other options to enhance capital, the company determined it would not be prudent to move forward with a transaction at this time," the Beverly Hills, California-based lender said of its attempt to raise capital.
PacWest has already borrowed $3.7 billion from the Federal Home Loan Bank System, $10.5 billion from the Federal Reserve’s discount window, and $2.1 billion from the bank term funding program as of March 20. The bank cited those liquidity-enhancing measures in deciding not to proceed with the separate effort to raise money. ...
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