PacWest shares crumble as Wall Street shuns midsize banks
CBSN
In what is by now a familiar pattern, the fate of another regional lender hangs in the balance as investors bail from the sector following the sudden collapse of three prominent banks in a matter of weeks.
Shares of PacWest Bancorp crumbled after the close of trading on Wednesday, diving 55% to $2.88 amid a report by Bloomberg News that the $44 billion bank is weighing its strategic options, including a possible sale. The market drop followed a 28% plunge in Los Angeles-based PacWest's stock price the previous day.
PacWest, whose shares are down 78% over the last three months, has hired a financial adviser and is also considering a breakup or trying to raise capital, according to Bloomberg.
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