Pacific Western Bank raised $1.4 billion from investment firm Atlas SB Partners as the banking sector scrambles to limit the damage from the recent collapse of two banks, the lender said Wednesday.
Today, shares of the bank were down 10% even as the lender tried to calm investor fears by saying it had more than $11.4 billion in cash, according to Reuters.
PacWest also said it explored the idea of raising new capital, but it postponed the step because of the decline in bank stocks.
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