SBNY - Pacific Western addresses liquidity concerns; $10.8B in available cash

2023-03-18 00:09:42 ET

• Amid growing fears about its liquidity, Pacific Western Bank ( NASDAQ: PACW ) Friday night said it has more than $10.8B in available cash.
• The company added the amount is more than the uninsured deposits it holds.
• As of March 16, PacWest ( PACW ) said insured deposits surpass 62% of total deposits, and insured venture-specific deposits account for more than 77% of total venture deposits. Both include accounts eligible for pass-through insurance.
• The company also disclosed that it "experienced elevated net deposit outflows" following the closure of Silicon V alley Bank ( SIVB ) and Signature Bank ( SBNY ).

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