again on Thursday. Shares of PacWest dropped more than 50% after reports that the company was exploring a potential sale. The company said it is evaluating all options to maximize shareholder value.
Shares of First Horizon dropped more than 30% after its merger with TD Bank was called off, with the banks citing lack of clarity on a timeline from regulators. Western Alliance also suffered deep losses, falling more than 40%.
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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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