Banking news roundup, May 5, 2023

Pacific West Bank in West Linn, Oregon, provided a news release on Thursday making it clear that it IS unrelated to Pacific Western Bank, or its moms and dad business PacWest Bancorp, in Beverly Hills, California. “We understand that there may be confusion among some customers and shareholders due to the similarity in our names, but we want to emphasize that we are a completely separate entity, and our financial position remains strong,” stated Jason Wessling, president of Pacific West Bank, in the release. PacWest lost nearly $6 billion in deposits in the very first quarter of 2023 and has actually been checking out a prospective sale. Its shares shut down 50% on Thursday. PWB’s homepage likewise mentions in strong letters that it has no association with PacWest and welcomes users to call with any concerns.—Miriam Cross


A news media journalist always on the go, I've been published in major publications including VICE, The Atlantic, and TIME.

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