(24/7 MARKET NEWS) – Pacific Western Bank, the primary subsidiary of PacWest Bancorp (NASDAQ: PACW) stated, after Friday’s market close, that it “continues to have solid liquidity, with over $10.8 billion in available cash as of March 17, 2023. Available cash exceeds total uninsured deposits. Following the announcement of the Silicon Valley Bank and Signature Bank closures, the bank experienced elevated net deposit outflows, concentrated primarily in our Venture Banking business line. Since Monday, March 13, 2023, net outflows have fallen sharply, with deposit balance fluctuations substantially stabilizing.”
PacWest Bancorp is trading at $10.75, up $1.47 (+15.84%), on 1.6 million premarket shares.
Its 52-week trading range is $5.00 to $46.76. If the banks recover, this has a potential pathway back to the $25+ level.
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