Regional banks fall; PacWest down 40%
In this article PACW
FHN
WAL
ZION
KRE Follow your favorite stocks CREATE FREE ACCOUNT
Traders work on the floor of the New York Stock Exchange on April 26, 2023 in New York City. Michael M. Santiago | Getty Images
The rout in regional banks picked up steam again on Thursday morning, with several stocks poised to open trading with sizeable losses. PacWest sank 40% in premarket trading. The slide began on Wednesday evening following news that the Los Angeles-based bank was exploring strategic options, including a potential sale.
Stock Chart Icon Stock chart icon Shares of PacWest were poised to open sharply lower on Thursday.
related investing news 'Self-fulfilling prophecy is a risk' in regional bank crisis, Evercore ISI says The bank said in a statement that it "will continue to evaluate all options to maximize shareholder value." PacWest's strategic review was first reported by Bloomberg News and later confirmed by CNBC. Meanwhile, Tennessee-based First Horizon also fell 40% after the regional lender and TD Bank announced that they were terminating their merger agreement. The banks said in a press release that the move was due to uncertainty around when TD would receive regulatory approval for the deal and was not related to First Horizon.
Stock Chart Icon Stock chart icon Shares of First Horizon were under pressure after the lenders' merger with TD Bank was called off.
Source: CNBC
