Another leading regional bank appears to be having a growing case of tumult.
Reuters reported that Los Angeles-based PacWest Bancorp (NASDAQ:PACW) was in talks with potential partners and investors about “strategic options” following the deterioration of its stock value – yesterday, PacWest shares plummeted by 52%.
In a statement, PacWest insisted it was not experiencing the severe level of deposit outflows that fueled the collapse of Silicon Valley Bank, Signature Bank and First Republic Bank, adding that it was still on track for the sale of its $2.7 billion lender finance loan portfolio.
“In accordance with normal practices the company and its board of directors continuously review strategic options,” PacWest said. “Recently, the company has been approached by several potential partners and investors – discussions are ongoing. The company will continue to evaluate all options to maximize shareholder value.”
;
