PacWest falls 40% after hours on report bank is weighing sale
PacWest Bancorp shares tumbled 56% in extended trading on Wednesday following a report that the bank is weighing a sale.
The regional bank has been assessing options, including a breakup or a capital raise, according to a Bloomberg report citing sources familiar.
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. PacWest is based in Los Angeles. The stock is down 72% this year.
Source: CNBC
