PacWest Stocks Fall 54% Following Report: Bank Weighing Sale
PacWest Bankcorp shares tumbled 54% after hours today, following new reports that the bank is weighing a sale. The west regional bank has been assessing strategic options for a potential sale, according to Bloomberg. JUST IN: PacWest Bankcorp $PACW sinks 54% in after-hours following news the bank is exploring a sale. pic.twitter.com/tIKGxYmWli — Watcher.Guru (@WatcherGuru) May 3, 2023 Since the collapse of Silicon Valley Bank in March, and the bank being seized by the government, the shares of many West Coast regional banks have seen a hit. PacWest Stocks are already down 72% this year and may see more hits in the near future if the reports are true. PacWest reports that total deposits declined more than $5 billion in the first quarter to $28.2 billion as of March 31. However, the company says that it saw a net gain of $1.1 billion in deposits from March 20 until the quarter’s end. The Bank also said that deposits grew by another $700 million from March 31 thr...