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...Among regional banks advertising high-balance insured accounts is PacWest Bancorp, which like the former SVB often lends to start-ups and their investors....
...Earlier on Thursday, PacWest, another bank that has unnerved investors, announced that it was exploring its options....
...They were then respectively acquired by First Citizens, New York Community Bancorp and JPMorgan. The modest terms added multibillion-dollar gains to the tangible book values of the buyers....
...That is far less than the $6bn PacWest alone was worth at the beginning of 2022, another sign of the toll the Federal Reserve’s fight to tame the worst bout of inflation in decades has taken on PacWest and...
...Beverly Hills-based PacWest reported in April that customers had pulled more than $5bn in deposits....
...PacWest Bancorp said it has lost one-fifth of its deposits so far this year, but that it has secured $1.4bn in fresh financing from Apollo-backed investment firm Atlas SP Partners....
...PacWest, Western Alliance, Comerica and Zions Bancorp were among the US regional lenders swept up in a fresh round of sell-offs Tuesday....
...PacWest Bancorp lost almost 10 per cent of its deposits in the first week of May after reports it was reviewing strategic options in the wake of First Republic’s sale to JPMorgan Chase....
...PacWest had previously raised $2.36bn by selling construction loans to real estate investors Kennedy Wilson....
...California-based lender PacWest Bancorp said on Wednesday that it had been approached by “several potential partners and investors” after reports that the embattled lender was seeking a financial lifeline...
...In a filing on Monday, PacWest said the sale of 74 loans was “consistent with the previously announced strategy of PacWest Bancorp to pursue strategic assets sales”....
...PacWest said in a separate filing that the deal was “consistent with the previously announced strategy of PacWest Bancorp to pursue strategic assets sales”....
...PacWest isn’t an outlier in deposit losses either, and said it had lost 17 per cent of deposits in 1Q....
...On Monday, PacWest Bancorp announced it had sold a $2.3bn portfolio of loans to Ares Management for around 90 cents on the dollar in cash, part-financed by Barclays....
...Zions Bancorp and Comerica gave up 12.1 per cent and 12.3 per cent respectively. Metropolitan Bank fell 6.4 per cent....
...“I told him: ‘We’re not that PacWest.’”...
...The banks that are getting beat up do have weaknesses: PacWest’s exposure to the venture capital industry, securities and loan losses at Zions and KeyCorp, uninsured deposits at Comerica, and so on....
...Last year it bought a $3.5bn loan portfolio from PacWest Bancorp, which was then desperate to raise liquidity. Together with RXR, it has seeded the new fund with $500mn....
...Comerica and Utah-based Zions Bancorp were among the biggest fallers on the S&P 500 index, dropping 12.4 per cent and 10.8 per cent respectively....
...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...
...Share moves to note on the New York Stock Exchange include PacWest Bancorp, BJ’s Wholesale Club and Yelp: Shares of regional bank PacWest Bancorp extended gains on Tuesday, increasing 15.8 per cent after...
...Zions Bancorp and Comerica were down roughly 10 per cent....
...Other small regional lenders including PacWest Bancorp have too been trounced this week on worries about their durability. But their troubles might be less about deposit flight....
...PacWest Bancorp jumped 18.3 per cent and Zions Bancorporation was up 11.4 per cent. The KBW regional banking index had added 5.7 per cent....
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