PacWest stock surges 15% as bank says deposits have been building in recent weeks

Earnings Results Last Updated: April 25, 2023 at 4:48 p.m. ET First Published: April 25, 2023 at 4:44 p.m. ET Total deposits rose to $28.2 billion as of March 31 from $27.1 billion on March 20, and have headed higher since Pacific Western Bank headquarters in Beverly Hills, Calif. Pacific Western Bank is a commercial

Financial Press

Published

April 25, 2023

pacwest-stock-surges-15%-as-bank-says-deposits-have-been-building-in-recent-weeks

Earnings Results

Last Updated: April 25, 2023 at 4:48 p.m. ET First Published: April 25, 2023 at 4:44 p.m. ET

Total deposits rose to $28.2 billion as of March 31 from $27.1 billion on March 20, and have headed higher since

Pacific Western Bank headquarters in Beverly Hills, Calif. Pacific Western Bank is a commercial bank owned by PacWest Bancorp.

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Shares of PacWest Bancorp were shooting 15% higher in Tuesday’s aftermarket trading after the regional bank disclosed a rise in deposits in recent weeks.

PacWest PACW said alongside its first-quarter earnings report that total deposits rose to $28.2 billion as of March 31 from $27.1 billion when the company provided a March 20 investor update. The company saw deposit balances grow by an additional $700 million or so as of April 24.

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