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CNBC: PacWest falls more than 50% after hours on report bank is weighing sale
PacWest Bancorp shares tumbled 57% in extended trading on Wednesday following a report that the bank is weighing strategic options, including a potential sale.
The regional bank has been assessing options, including a breakup or a capital raise, CNBC confirmed, according to one person familiar with the matter.
Bloomberg first reported the news late Wednesday. The shares of many West Coast regional banks have been hit particularly hard since the collapse of Silicon Valley Bank in March, in part because of concerns that their customer bases are similar.
This week, First Republic Bank was seized by regulators and sold to JPMorgan Chase.
Read more ….
Update: Here We Go Again: Troubled California Bank PacWest Craters 60% On Report It Is Seeking Buyers Or Capital Raise (Zero Hedge)
WNU Editor: The expectation is that more banks are going to fail …. US Regional Banks Slump as Rout Deepens on First Republic Flop (Bloomberg).