PacWest Bank’s Share Plummeted as It Experienced A 9.5% Deposit Withdrawal within A Week
PacWest Bancorp, one of the mid-sized banks that has been attracting market attention, experienced significant withdrawals as customers pulled out 9.5% of their deposits on May 11.
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This decline comes after media reports that the bank was exploring strategic options and following the collapse of Silicon Valley Bank in March 2023, which triggered concern about similarly-sized banks. PacWest had also made headlines after withdrawing uninsured deposits from First Republic, leading to the bank having to mortgage more assets to protect its cash position.
While other local bank stocks, such as Western Alliance and Zions, were also in the red on May 11, experts have noted that banks in the area are holding a lot of cash and can weather the current "storm". PacWest has around $15 billion in available cash and only $5.2 billion in uninsured deposits.
Despite the concerning withdrawals, market analysts remain confident that PacWest's decline doesn't signify a collapse, as the bank has significant cash reserves to fall back on. However, this situation underscores the importance of financial stability and security in the banking industry, especially in the wake of recent collapses and market rollercoasters.
PacWest Bank’s Share Plummeted as It Experienced A 9.5% Deposit Withdrawal within A Week
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