Regional bank PacWest Bancorp said early Thursday said it has seen a rise in deposits since the end of March and it has been in talks with “several” potential investors and partners, in an effort to calm markets after its stock fell more than 50% following reports that it was the latest regional bank on the brink of a crisis and exploring a sale or a breakup.
PacWest saw an increase in “core customer deposits” since March 31, with its total deposits rising to $28 billion as of May 2, the bank said in a statement after midnight on Thursday.
The bank added it has not seen any “out-of-the-ordinary deposit flows” following the collapse and sale of First Republic Bank earlier this week.
The regional lender said its “cash and available liquidity remains solid” and exceeds its uninsured deposits.
Responding to a Bloomberg report that it was considering a sale, the bank said it was continuously reviewing strategic options and has recently been approached by “several potential partners and investors.”
The announcement does not appear to have had a major impact on the company’s stock price, which has fallen a further 2% in after-market trading.
