PacWest confirms discussions on strategic options following drop in US bank shares
PacWest Bancorp, a Los Angeles-based lender, is considering strategic options after shares of the bank and several other U.S. regional banks fell due to fears of a worsening banking crisis. The bank is in talks with potential partners and investors to maximize shareholder value, and discussions are ongoing.
PacWest also reported that it had not experienced any unusual deposit outflows since the sale of First Republic Bank to JPMorgan Chase & Co was announced. The planned sale of its $2.7 billion lender finance loan portfolio remained on track, which would increase its common equity tier one ratio to at least 10%.
PacWest and its board of directors continuously review strategic options. The recent drop in shares came after a period of relative calm and could tighten credit availability across the U.S., hurting growth.