Finance
PacWest Bolsters Liquidity After Clients Pull 20% of Deposits
- Atlas SP Partners provides a $1.4 billion financing facility
- Most of the deposit exodus came from venture-banking segment
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PacWest Bancorp is moving to shore up liquidity to protect itself after customers pulled 20% of their deposits since the start of the year.
The regional bank, whose shares have tumbled 58% this month, obtained $1.4 billion from a financing facility from Apollo Global Management-owned investment firm Atlas SP Partners and abandoned a separate push to raise capital because of market volatility, it said in a statement Wednesday.