Flying under the radar two more U.S. banks have officially collapsed this year, bringing the total to 6 so far.
One week ago today the Beverly Hills-based bank PacWest failed but agreed to be absorbed by smaller rival Banc of California (BoC), comprised of an all-stock deal. PacWest was under scrutiny since the fall of Silicon Valley Bank in March, and was predicted by some economists to collapse later this year.
Weâre going to make sure that we look to avoid the concentration risks that I think all banks experienced over the last several years.
Banc of California CEO Jared Wolff told analysts on a call last week
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