Shares are down for PacWest after subsidiary Pacific Western Bank said deposits are stable after receiving 1.4 billion from investment firm Atlas SP Partners.
Senate Finance Committee member Sen. James Lankford, R-Okla., discusses whether Americans can have confidence in the U.S. financial system on 'Cavuto: Coast to Coast.'from Atlas SP Partners. The Los Angeles-based financial group said it explored the idea of raising new capital but decided against the move due to a rout in bank stocks.
In a statement issued by the bank on Wednesday, Paul Taylor, Pacific Western Bank president and CEO, said the bank was encouraged by "the clear message from government officials, regulatory agencies, and industry leaders, including Secretary [Janet] Yellen’s recent remarks regarding the protection of smaller bank depositors."
"As we look ahead, we have continued confidence in the strength of PacWest and are encouraged by the stability we have seen in our deposits and liquidity over the past week," he said. Pacific Western continues to benefit from solid liquidity and stabilized deposit balances, with over $11.4 billion in available cash as of Mar. 20, which exceeds total uninsured deposits of $9.5 billion, the company announced.
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