Banks seek to calm markets as investors fear repeat of First Republic and SVB failures
The Los Angeles-based PacWest sought to reassure investors by saying it had not experienced out-of-the-ordinary deposit flows. “Recently, the company has been approached by several potential partners and investors – discussions are ongoing,” the bank added.collapsed in MarchBill Ackman, the chief executive of the New York hedge fund Pershing Square, warned that the entire US regional banking system was at risk.
The regional banking system is at risk. SVB's depositors' bad weekend woke up uninsured depositors everywhere. The rapid rise in rates impaired assets and drained deposits. Zeroing out shareholders and bondholders massively increased the banks’ cost of capital. CRE losses loom.…PacWest said total deposits were $28bn as of Tuesday. “Our cash and available liquidity remains solid and exceeded our uninsured deposits,” it said.
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