Deposits down for PacWest Bancorp, while Western Alliance Bancorp recorded growth, in a still tense climate for US banks.
PacWest said deposits fell 9.5%, without specifying the current level. The bank announced that total deposits as of March 31 were equal to 28.2 billion dollars while the liquidity immediately available as of May 10 is 15 billion, more than 5.2 billion of uninsured deposits. Shortly thereafter, PacWest confirmed it was in talks with several potential investors.
Meanwhile, Western Alliance announced that deposits rose $600 million to $49.4 billion in the week ending Tuesday. The bank ended the first quarter with $47.6 billion in deposits. Western Alliance shares were broadly unchanged while PacWest’s shares fell 23%, bringing the year-to-date loss to about 75%.