Pacific Western Bank, a unit of PacWest Bankcorp , said on Friday it had witnessed 'elevated' withdrawals following the collapses of Silicon Valley Bank and Signature Bank, but deposit movements had stabilized since Monday.
A street sign marks Wall Street outside the New York Stock Exchange in New York City, where markets roiled after Russia continues to attack Ukraine, in New York, U.S., February 24, 2022. REUTERS/Caitlin Ochs, said on Friday it had witnessed 'elevated' withdrawals following the collapses of Silicon Valley Bank and Signature Bank, but deposit movements had stabilized since Monday.
In a statement, Pacific Western Bank said it still maintained solid liquidity, with available cash exceeding $10.8 billion as of Friday. "Since Monday, March 13, 2023, net outflows have fallen sharply, with deposit balance fluctuations substantially stabilizing," it said in a statement.
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