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The current bank crisis hit California-based Pacific Western Bank<\/strong>, a community bank owned by PacWest Bancorp<\/strong> that has a focus on real estate and commercial loans.\u00a0<\/p>\n Following the collapses of Silvergate Bank<\/strong>, Silicon Valley Bank<\/a><\/strong> and Signature Bank<\/a> <\/strong>over the last few weeks, deposits at the financial institution had dropped to $27 billion as of March 20, a decline of 20% compared to the end of December.\u00a0<\/p>\n Pacific Western Bank has acted to guarantee more liquidity via private and federal facilities but excluded the possibility of raising capital at this moment, it announced on Wednesday. <\/p>\n The company secured $1.4 billion in fully funded cash proceeds from the global investment firm Atlas SP Partners <\/strong>through a new senior asset-backed financing facility. In addition, it has drawn $3.7 billion from the Federal Home Loan Banks<\/strong>, $10.5 billion of borrowings from the Federal Reserve<\/strong> Discount Window, and $2.1 billion in Bank Term Funding Program borrowings.<\/p>\n Pacific Western Bank also explored a capital raise with potential investors. However, amid volatility in the market and depressed stock prices, \u201cit would not be prudent to move forward with a transaction at this time,\u201d the bank said.\u00a0<\/p>\n PacWest Bancorp’s shares<\/a> were trading at $10.94 on Wednesday afternoon, down 10.4% from the previous closing. <\/p>\n \u201cWe continue to be encouraged by the clear message from government officials, regulatory agencies, and industry leaders, including Secretary [Janet] Yellen\u2019s recent remarks regarding the protection of smaller bank depositors,\u201d Paul Taylor, the bank\u2019s president and CEO, said in a statement.\u00a0\u00a0<\/p>\n Pacific Western Bank reported $11.4 billion in available cash as of March 20, higher than the $9.5 billion in uninsured deposits.\u00a0<\/p>\n The bank\u2019s loans and leases for investments rose by $950 million to $28.6 billion in the fourth quarter<\/a> of 2022. The increase was due primarily to the residential and real estate mortgage and construction portfolios, consisting of 70% of the total portfolio in Q4 2022.\u00a0\u00a0<\/p>\n In 2021, the bank acquired Civic Financial Services<\/strong><\/a>, a private money lender that caters to real estate investors, a strategic move into specialized areas of the non-QM market. Wedgewood<\/strong>, a real estate investment firm that focuses on distressed properties, was the seller. <\/p>\n In February, PacWest Bancorp announced a restructuring<\/a> at Civil Financial, eliminating 200 job positions effective in the second quarter of 2023. It will bring the company $30-40 million of annualized savings. <\/p>\n