The bank’s price fell sharply in after-hours trading.
(Photo: Bloomberg)
Denver The turbulence at the US regional banks continues after the bankruptcy of First Republic: The ailing Pacwest from Los Angeles is examining strategic options including a sale, as news agencies Reuters and Bloomberg unanimously report, citing insiders.
The reports scared investors. The stock fell about 60 percent in after-hours trading on Wednesday. Since the beginning of the regional banking crisis in March, the papers have lost almost 90 percent of their value.
The lender hopes to avoid the fate of other regional banks taken over by US regulators in the past two months by proactively finding a solution and strengthening its finances, Reuters quoted a person familiar with the matter as saying. A Pacwest spokesman did not immediately respond to a request for comment.
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