PacWest Bancorp stock fell 13% in premarket trade Wednesday after it said it continues to have “solid liquidity” after borrowing from the federal government...
PacWest Bancorp PACW stock fell 13% in premarket trade Wednesday after it said it continues to have “solid liquidity” after borrowing from the federal government and getting a $1.4 billion injection from Atlas SP through a new senior asset-backed financing facility. The bank also canceled plans for a capital raise due to “current volatility in the market and depressed market prices for regional bank stocks, as well as the availability of other options to enhance capital.
4 billion injection from Atlas SP through a new senior asset-backed financing facility. The bank also canceled plans for a capital raise due to “current volatility in the market and depressed market prices for regional bank stocks, as well as the availability of other options to enhance capital.” The bank disclosed that it has $11.4 billion in available cash, which is up from $10.8 billion in available cash as of March 17.
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