PacWest’s loans jitter, deposits dwindle in race towards merger
Merging partner Banc of California also sees deposit base slip further
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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