Pacific Western Bank Provides Further Update and Details on Financial Strength

LOS ANGELES, March 22, 2023 (GLOBE NEWSWIRE) -- Pacific Western Bank (the “Bank”), the primary subsidiary of PacWest Bancorp (NASDAQ: PACW) (the “Company”), today issues the following update regarding its financial strength, including liquidity and deposits, as well as other recent developments. Financial information is unaudited.

Consistent with its announcement on March 17, 2023, the Bank continues to benefit from solid liquidity and stabilized deposit balances, with over $11.4 billion in available cash as of March 20, 2023, which exceeds total uninsured deposits of $9.5 billion as of March 20, 2023. 

The Bank also continues to have a diversified deposit base that includes commercial, community banking, homeowners associations, retail, and venture customers. Selected deposit information is shown below.

	December 31, 2022							March 20, 2023
	(dollars in billions)
	Amount					% of Total		Amount							% of Total
Community Bank	$16.9					50%		$15.1							56%
Venture Banking	$11.3					33%		$6.4							24%
Wholesale Deposits	$5.2					15%		$5.3							20%
Total	$33.9							$27.1

In total, as of March 20, 2023, FDIC-insured deposits exceeded 65% of total deposits, including accounts eligible for pass-through insurance, and FDIC-insured venture-specific deposits accounted for more than 82% of total venture-specific deposits, including accounts eligible for pass-through insurance. The Bank also has $600 million of deposits that are backed by other tradeable securities.  The Bank’s spot deposit rates reflect a modest increase from year-end, increasing from 1.71% at December 31, 2022 to 2.04% at March 20, 2023.