PacWest Bancorp dropped 21% in premarket trades on Thursday after the bank said it lost 9.5% of deposits during the week ended May 5 amid market volatility...
PacWest Bancorp PACW dropped 21% in premarket trades on Thursday after the bank said it lost 9.5% of deposits during the week ended May 5 amid market volatility on the heels of First Republic’s government-brokered sale to JPMorgan Chase & Co. JPM. “This event heightened market and customer fears of additional bank failures, including PacWest,” the bank said in a filing. The company’s stock price fell about 41% between April 28 and May 5.
“This event heightened market and customer fears of additional bank failures, including PacWest,” the bank said in a filing. The company’s stock price fell about 41% between April 28 and May 5. PacWest also generated headlines that it was exploring all of its options and talking to potential investors during that week. “The news headlines increased our customers fears of the safety of their deposits,” the bank said. The majority of the bank’s 9.
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