Quote from Ndubuisi Ekekwe on March 23, 2023, 10:26 AM

The US banking sector is not yet well; PacWest Bancorp has caught the cold as customers continue to move their funds to safer places.

'PacWest Bancorp saw its stock sink 17% Wednesday after announcing that customers had withdrawn almost one-fifth of their deposits since the start of March — a sign of the panic that has hit regional banks following the collapse of SVB. The Los Angeles-based lender said it has taken steps to bolster its balance sheet, raising $1.4 billion from investment firm Atlas SP Partners and borrowing $15 billion from the federal government. The company’s financial update came a day after Treasury Secretary Janet Yellen said the government would consider backstopping other lenders that “suffer deposit runs.”'