Western Alliance denies 'shameful' report it's the next bank for sale | CNN Business

. Shares of the regional bank tumbled 36% Thursday, slightly paring back its losses after plunging over 50% at one point on reports that the company is the regional bank latest to explore a potential sale. It also dragged down the broader stock market: The Dow fell 400 points, or 1.2%, and the S&P 500 sank 0.9%. The Financial Times, citing two anonymous sources, reported Thursday that the Arizona-based bank is exploring strategic options.

Regional banks have been under pressure since March, when the collapses of Silicon Valley Bank and Signature Bank raised fears about the banking sector’s instability. Those concerns were renewed last week when First Republic Bank shares plunged after the bank reported seeing $100 billion of deposit outflows during the first quarter. The bank collapsed, and JPMorgan Chase bought it immediately after.

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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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