Banc of California Sees Deposits Unexpectedly Drop in Quarter
A Banc of California branch in Wilmington, California.
Photographer: Eric Thayer/BloombergThis article is for subscribers only.
Banc of California Inc., which agreed to acquire rival PacWest Bancorp in a rescue deal earlier this year, saw deposits unexpectedly drop in the third quarter.
Total deposits dropped 8.8% year-over-year to $6.64 billion in the three months ending Sept. 30, despite an influx of non-interest bearing funds, according to a statement. That missed the $6.9 billion analysts in a Bloomberg survey were calling for and was down 3.3% from the second quarter.