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HomeBusinessPacWest shares decline by 40 percent, U.S. bank confirms options talks including...

PacWest shares decline by 40 percent, U.S. bank confirms options talks including sale

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Credit Pac West bank

PacWest Bancorp (PACW) confirmed that it was in strategic talks with various partners. The Los Angeles based bank saw a deep fall in its share price on Wednesday. Other regional banks have also seen a drop in stock price, after the collapse of Silicon Valley Bank and the acquisition of First Republic by JP Morgan Chase. PacWest Bancorp is trying to allay fears of a collapse, after its share price saw a 60 percent rout after-hours trading.

PacWest released a statement: “The bank has not experienced out-of-ordinary deposit flows following the sale of First Republic Bank and other news. Our cash and available liquidity remain solid and exceeded our uninsured deposits.” The statement was released after the plunge of its stock, post-market.

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On Wednesday, Federal Reserve Chair Jerome Powell had said that authorities have been containing the crises. However, investors remain uncertain about the future of many banks as there have been several failures and collapses, leading to outflow of deposits from small and mid-sized banks.



Some of the banks that have failed or collapsed include the following:
Silicon Valley Bank
Silvergate Capital Corp
Signature Bank and
First Republic Bank.

An increase in interest rates had a detrimental effect on many of these banks as they were unprepared for a continuing increase as most of them began planning expansion and other ambitious actions when the rates were low. Commercial real estate is also facing deep decline as properties have lost demand as supply remains in excess and this has also affected the bottom lines of these banks.

Depositors across the nation have been seen a cascading collapse of the newer banks and have rushed to remove deposits from smaller banks and park their savings at major banks such as JP Morgan Chase, Goldman Sachs, Wells Fargo, Citibank and more, all of whom have reported strong quarter results.

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PacWest, who has faced some loss of trust following the collapse of banks as well as some deposit outflows, said that it was exploring several options, including a sale. Following this news there was a small rally in stock price but the share price was still down by 40 percent as of 8.06 a.m., on Thursday in New York.

Other regional banks that might be expected to register a fall in stock price this week include Western Alliance Bancorp, Comerica Inc. and Zions Bancorp.

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