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The bank witnessed strong outflows on May 4 and May 5 after news reports emerged that it is “exploring all of its options and having talks with potential investors and partners”.
Shares of the company fell 41% from April 28 to May 5.
“The news headlines increased our customers’ fears of the safety of their deposits,” PacWest said in the update.
The company also said that its immediately-available liquidity was $15 billion as of May 10.
PacWest also said it plans to complete strategic asset sales in the second quarter of 2023 to improve our liquidity position and capital ratios.
