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The Los Angeles-based lender said it has explored strategic asset sales, including moving its $2.7 billion lender finance loan portfolio to held-for-sale.
PacWest said its cash and available liquidity remains “solid” and has exceeded its uninsured deposits, representing 188% as of May 2.
The bank said it has not experienced out-of-the-ordinary deposit flows following the sale of First Republic Bank (NYSE:FRC) to JPMorgan Chase & Co. (NYSE:JPM)
PacWest’s core customer deposits increased since March 31, with deposits totaling $28 billion as of May 2, the company said in a statement.