PacWest Bancorp said it lost 20 per cent of its deposits this year but that it had shored up its access to cash by raising $1.4bn via a lending facility from Apollo-backed investment firm Atlas SP Partners.
PacWest’s deposits had fallen to $27.1bn as of Monday from $33.9bn at the end of 2022, the Beverly Hills-based bank said in a statement on Wednesday. Nearly two-thirds of its deposits were covered by a US government-backed insurance programme and the bank had more cash on hand than it did uninsured deposits.
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