Finance
PacWest Says Deposits Now Stable After Turmoil Slammed Stock
- Bank has loss after $1.38 billion goodwill impairment charge
- Deposits ‘rebounded nicely in April,’ rising $700 million: CEO
A Pacific Western Bank branch in Encino, California.
Photographer: Morgan Lieberman/BloombergThis article is for subscribers only.
PacWest Bancorp said deposits stabilized after a flurry of withdrawals in March prompted concerns about the bank’s health and forced it to shore up liquidity.
Deposits totaled $28.2 billion at the end of the first quarter, down $5.75 billion from the end of last year and up from a previous update by the firm as of March 20, according to a statement Tuesday. The Beverly Hills, California-based bank also said it has transferred its $2.7 billion lender finance loan portfolio to held for sale.