First Republic, was seized by regulators just weeks after the collapse of SVB. It was sold to America's biggest lender, JP Morgan, earlier this month.
In the same period, PacWest grew its deposit by 77 percent—another warning sign for investors if these deposits aren't stable enough. PacWest's deposits started dropping in the first quarter of 2023.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bank stocks continue to fall following First Republic demiseRegulators have barely written the epitaph for First Republic Bank, but investors on Wall Street have already moved onto speculating which bank might be the next to fail. Bank stocks fell sharply Tuesday, led downward by smaller banks with heavy exposure to uninsured deposits and commercial banks like Western Alliance Bank, PacWest Bancorp, Comerica and Zions Bank. Shares of Western Alliance were down 17% in afternoon trading and PacWest dropped 25%, with trading of both stocks halted briefly due to high volatility. The ongoing concern among investors and regulators is that banks such as PacWest have large amounts of uninsured deposits _ those above $250,000.
Source: AP - 🏆 728. / 51 Read more »
PacWest falls 30% as regional banks stocks slide to new lowsRegional bank stocks saw their losses for the week deepen as investors digest the failure of First Republic.
Source: CNBC - 🏆 12. / 72 Read more »
PacWest Bancorp, Western Alliance post steep losses after First Republic dealRegional bank stocks are moving deeply into the red on Tuesday, the day after JPMorgan Chase & Co. said it’s acquiring First Republic Bank as a way to shore...
Source: MarketWatch - 🏆 3. / 97 Read more »