Exclusive-California bank PacWest Corp in talks to get liquidity boost -sources By Reuters

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Exclusive-California bank PacWest Corp in talks to get liquidity boost -sources

Stock Markets Mar 16, 2023 02:20PM ET

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Exclusive-California bank PacWest Corp in talks to get liquidity boost -sources

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By Anirban Sen and David French

NEW YORK (Reuters) -PacWest Corp is in talks about a liquidity boost with Atlas (NYSE:ATCO) SP Partners and other investment firms, people familiar with the matter said on Thursday, in the latest case of a U.S. regional bank exploring such an option in the wake of Silicon Valley Bank's failure.

PacWest is considering a range of options to bolster its coffers and there is no certainty that any deal will materialize, the sources said. The details of the liquidity boost under discussion could not be learned.

The sources requested anonymity because the matter is confidential. Atlas SP and PacWest did not immediately respond to requests for comment.

PacWest shares jumped on the news of the discussions for a liquidity boost, rising 22% to $13.91 in afternoon trading in New York on Thursday, giving the bank a market capitalization of about $1.6 billion.

Based in Los Angeles, PacWest is a community bank serving small and venture-backed businesses, primarily in California. It had $41 billion in assets as of earlier this month.

PacWest's shares have dropped 60% following Silicon Valley Bank's failed attempt to raise capital last week in the wake of some depositors pulling their money and fueling a wider bank run.

It is not clear how much in deposits PacWest has lost in the U.S. regional bank crisis that has led to U.S. regulators taking over Silicon Valley Bank and Signature Bank (NASDAQ:SBNY). First Republic Bank (NYSE:FRC) was seeking support from banking peers on Thursday to avoid a similar fate.

PacWest CEO Paul Taylor took the helm in January after previously leading Opus Bank (NASDAQ:OPB_old).

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