Regional-bank stocks move up after PacWest deal suggests stabilization in sector

Regional-bank stocks rose Wednesday as hard-hit PacWest Bancorp agreed to be acquired by Banc of California in a sign that the hangover from bank failures earlier this year may be receding.

The... Regional-bank stocks rose Wednesday as hard-hit PacWest Bancorp agreed to be acquired by Banc of California in a sign that the hangover from bank failures earlier this year may be receding. The SPDR S&P Regional Banking exchange-traded fund KRE moved up by 3.8%, with 136 of 139 equity components moving into positive territory.

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PacWest stock flash crash recovers after rescue merger with Banc of CaliUS banking crisis fears arose again as PacWest stock flash crashed before it was rescued in a merger deal with the Banc of California. PacWest Bancorp stock slumped from $10.33 to $7.50 in late trading on July 25, sparking concern among the finance and crypto community, with some asking if “the next banking collapse” was starting.
Source: Cointelegraph - 🏆 562. / 51 Read more »