Pacific Western Bank faced 'elevated' outflows after bank failures

Los Angeles-based Pacific Western Bank, a unit of PacWest Bancorp, said it had witnessed "elevated" withdrawals following the collapses of Silicon Valley Bank and Signature Bank. In a statement, the bank said it has over $10.8 billion in available cash. "Since Monday, March 13, 2023, net outflows have fallen sharply, with deposit balance fluctuations substantially stabilising," it added.