Pacific Western bank says it faced ‘elevated’ cash outflow after bank closures1 min read . Updated: 18 Mar 2023, 03:12 PM IST
Pacific Western Bank on Friday said it recorded ‘elevated net deposit outflow’ after the closure of Silicon Valley Bank and Signature Bank was announced
Los Angeles-based Pacific Western Bank on Friday said it had observed "elevated" withdrawals in its venture banking business line after the recent collapses of Silicon Valley Bank and Signature Bank. However, the bank noted that deposit movements had stabilized since Monday and it maintained a solid liquidity position, with more than $10.8 billion in available cash as of Friday.
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