(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
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
First Republic Bank was sold Monday to JPMorgan Chase, as regulators seek to calm a turbulent banking sector that has now seen three U.S. banks fail in less than two months.