PacWest, Banc of California aim to slash emergency borrowings

Post-merger, the new regional lender could see wholesale funding fall from $16.2bn to $2.9bn

PacWest Bancorp and Banc of California plan to drastically cut their reliance on wholesale funding after merging, betting on their combined balance sheets’ firepower to pay down most of the costly borrowing that has enabled them to navigate through March’s crisis.

The two banks had a collective $16.2 billion in wholesale liabilities as of end-June, down from $21.1 billion at end-March but still two-and-a-half times the $6.5 billion figure reported at the end of 2022. The latest balance

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