{"id":7271,"date":"2023-05-11T10:16:02","date_gmt":"2023-05-11T14:16:02","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/pacwest-stock-tumbles-again-whats-behind-the-latest-drop\/"},"modified":"2023-05-11T10:16:03","modified_gmt":"2023-05-11T14:16:03","slug":"pacwest-stock-tumbles-again-whats-behind-the-latest-drop","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=7271","title":{"rendered":"PacWest Stock Tumbles Again. What’s Behind the Latest Drop."},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n<\/figure><\/div>\n

\n PacWest Bancorp
\n stock tumbled ahead of the open Thursday after the regional bank said deposits fell 9.5% last week.<\/p>\n

The Beverly Hills-based bank (ticker: PACW) said the majority of that decline occurred on May 4 and May 5 after news reports that PacWest was exploring all of its options and holding talks with potential investors and partners. PacWest itself confirmed that it continues to evaluate all options in an update last week.<\/p>\n

\n

The bank said it funded the withdrawals with available on-balance sheet liquidity.<\/p>\n

\u201cThe news headlines increased our customers\u2019 fears of the safety of their deposits,\u201d the bank said in an SEC filing.<\/p>\n

PacWest said that as of May 10, it had $15 billion in immediately available liquidity\u2013more than enough to cover its $5.2 billion in uninsured deposits. <\/p>\n

Last week, the lender said it had not experienced \u201cout-of-the-ordinary deposit outflows\u201d following the sale of
\n First Republic Bank
\n and other news. Well, deposit outflows resumed last week and it\u2019s spooking investors.<\/p>\n

The stock was around 19% lower at $4.93 in premarket trading. Other regional bank stocks were impacted too, as shares in
\n Western Alliance
\n (WAL) fell 4%,
\n Comerica
\n (CMA) stock declined 3%,
\n Bank of Hawaii
\n (BOH) was down 3.3% and
\n Zions Bancorp
\n (ZION) was 1.6% lower. The
\n SPDR S&P Regional Banking ETF
\n (KRE) was 1% down.<\/p>\n

Write to Callum Keown at callum.keown@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

PacWest Bancorp stock tumbled ahead of the open Thursday after the regional bank said deposits fell 9.5% last week. The Beverly Hills-based bank (ticker: PACW) said the majority of that decline occurred on May 4 and May 5 after news reports that PacWest was exploring all of its options and holding talks with potential investors […]<\/p>\n","protected":false},"author":1,"featured_media":7272,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-7271","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nPacWest Stock Tumbles Again. What's Behind the Latest Drop. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"PacWest Bancorp stock tumbled ahead of the open Thursday after the regional bank said deposits fell 9.5% last week. 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