PacWest Bank shares were sliced in half after a Bloomberg report that the bank in question was “exploring strategic options,” including a possible sale. Will it be the next regional bank to fail?
PacWest Bancorp’s share price took a nosedive in after-hours trading on Wednesday, tumbling 56 percent after a report that the regional bank was “weighing strategic options,” which—according to—is “Wall Street lingo for ‘please help.’” Bloomberg News first reported the Beverly Hills bank was weighing a range of options, including a capital raise or potential sale, though no decisions have been made.
PacWest currently has a market value of roughly $772 million, with its shares having lost more than 75 of their value since the beginning of March. It, like other banks of its size, has been the focus of an unwelcome spotlight since the March 10 collapse of Silicon Valley Bank.
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