PacWest Bank's Financial Woes Lead to Stock Drop and $1.4 Billion Lifeline
TL;DR Summary
PacWest Bancorp's stock fell after the regional lender announced that it will not pursue a capital raise due to low market prices for regional bank stocks. Instead, it will obtain a credit facility of $1.4 billion. The primary subsidiary, Pacific Western Bank, provided a financial update before the market opened on Wednesday.
Topics:business#credit-facility#finance#financial-update#pacwest-bancorp#regional-banks#stock-prices
- PacWest Stock Falls After Providing a Financial Update Barron's
- PacWest falls 17% after regional bank discloses deposit outflows, additional liquidity CNBC
- PacWest Secures $1.4 Billion Lifeline Bloomberg Television
- PacWest Gets $1.4 Billion From Atlas After 20% Deposits Pulled, PACW Stock Drops Bloomberg
- PacWest Bank Taps Credit Lines After 20% Drop in Deposits The New York Times
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