PacWest’s loans jitter, deposits dwindle in race towards merger

- By Lorenzo Migliorato
- 26 Oct 2023

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PacWest Bancorp’s loans and deposit position continued to deteriorate in the third quarter, raising the stakes in its impending merger with Banc of California.

The bank’s non-accrual loans – excluding those held for sale – hit $125 million at end-September, up 24% on end-June and 39% on end-March, driven by residential mortgages and the ‘venture capital’ division catering to equity backers and start-ups.

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