Shares of regional banks remained under pressure in a fresh selloff Wednesday, as investors question the stability of the sector. Stock in PacWest Bancorp PACW dropped 12% in premarket trading, while shares of Metropolitan Bank Holding Corp. MCB dropped 8%, Citizens Financial Group Inc. CFG fell 9% and Western Alliance Bancorp. WAL stock fell 7%. Weakness for those lenders comes two days after JPMorgan Chase & Co. JPM announced plans to acquire troubled First Republic Bank.
... Shares of regional banks remained under pressure in a fresh selloff Wednesday, as investors question the stability of the sector. Stock in PacWest Bancorp PACW dropped 12% in premarket trading, while shares of Metropolitan Bank Holding Corp. MCB dropped 8%, Citizens Financial Group Inc. CFG fell 9% and Western Alliance Bancorp. WAL stock fell 7%. Weakness for those lenders comes two days after JPMorgan Chase & Co. JPM announced plans to acquire troubled First Republic Bank.
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Bank stocks tumble as First Republic deal fails to stem contagion fearsShares of Los Angeles lender PacWest Bancorp fell 28% as spooked investors bail from regional banks.
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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.
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