(LOS ANGELES) Shares of PacWest Bancorp plunged more than 50% in early trading on Thursday, marking the latest spasm of financial distress after three of the nation's 30-largest banks fell within a matter of weeks. In all, PacWest stock has fallen more than 85% this year, erasing hundreds of millions of dollars in value.
Morgan Lieberman/Bloomberg via Getty Images(LOS ANGELES) Shares of PacWest Bancorp plunged more than 50% in early trading on Thursday, marking the latest spasm of financial distress after three of the nation s 30-largest banks fell within a matter of weeks.
In all, PacWest stock has fallen more than 85% this year, erasing hundreds of millions of dollars in value.
The Los Angeles-based midsized lender is exploring "all options" as it weighs offers from potential investors as well as the sale of a $2.7 billion loan portfolio, PacWest said in a statement on Wednesday.
However, the company rejected concern about a sudden run on deposits, saying it has "not experienced out-of-the-ordinary deposit flows" since the seizure and sale of First Republic on Monday.
Deposits, PacWest said last month, increased nearly 4% over an 11-day period in late March, even after the collapse of Silicon Valley Bank had set off financial uncertainty.
As the Fed aggressively hiked inte
Morgan Lieberman/Bloomberg via Getty Images(LOS ANGELES) Shares of PacWest Bancorp plunged more than 50% in early trading on Thursday, marking the latest spasm of financial distress after three of
Morgan Lieberman/Bloomberg via Getty Images(LOS ANGELES) Shares of PacWest Bancorp plunged more than 50% in early trading on Thursday, marking the latest spasm of financial distress after three of the nation s 30-largest banks fell within a matter of weeks.
In all, PacWest stock has fallen more than 85% this year, erasing hundreds of millions of dollars in value.
The Los Angeles-based midsized lender is exploring "all options" as it weighs offers from potential investors as well as the sale of a $2.7 billion loan portfolio, PacWest said in a statement on Wednesday.
However, the company rejected concern about a sudden run on deposits, saying it has "not experienced out-of-the-ordinary deposit flows" since the seizure and sale of First Republic on Monday.
Deposits, PacWest said last month, increased nearly 4% over an 11-day period in late March, even after the collapse of Silicon Valley Bank had set off financial uncertainty.
As the Fed aggressively hiked inte
Morgan Lieberman/Bloomberg via Getty Images(LOS ANGELES) Shares of PacWest Bancorp plunged more than 50% in early trading on Thursday, marking the latest spasm of financial distress after three of the nation s 30-largest banks fell within a matter of weeks.
In all, PacWest stock has fallen more than 85% this year, erasing hundreds of millions of dollars in value.
The Los Angeles-based midsized lender is exploring "all options" as it weighs offers from potential investors as well as the sale of a $2.7 billion loan portfolio, PacWest said in a statement on Wednesday.
However, the company rejected concern about a sudden run on deposits, saying it has "not experienced out-of-the-ordinary deposit flows" since the seizure and sale of First Republic on Monday.
Deposits, PacWest said last month, increased nearly 4% over an 11-day period in late March, even after the collapse of Silicon Valley Bank had set off financial uncertainty.
As the Fed aggressively hiked inte