PacWest Bancorp PACW shares tumbled more than 50% in after-hours trading Wednesday, taking other bank stocks with it after a report that the company’s executives were weighing a possible sale.
The report, from Bloomberg News, adds to the concerns over the financial stability of regional banks, following the collapse in March of Silicon Valley Bank and Signature Bank, and the sale of First Republic Bank to JPMorgan Chase & Co. JPM this week. PacWest’s shares have been diving this week in the wake of First Republic’s collapse....
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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.
Source: CBSNews - 🏆 87. / 68 Read more »
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 drops 12%, leading regional bank stocks in continued selloffShares of regional banks remained under pressure in a fresh selloff Wednesday, as investors question the stability of the sector. Stock in PacWest Bancorp...
Source: MarketWatch - 🏆 3. / 97 Read more »