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Pacific Western Bank becomes the latest casualty of investors’ financial concerns

  • May 5, 2023
Pacific Western Bank becomes the latest casualty of investors’ financial concerns

PacWest has become the latest American bank to suffer the consequences of what is being called the worst crisis in the sector since 2008.

The Los Angeles-based lender has confirmed that it is currently engaged in talks with potential partners and investors about strategic options, following a 60% drop in its stock price.  Shares in PacWest saw an additional 48% nosedive on Thursday morning after reports emerged indicating that the company may be considering a sale.

In response to these reports, PacWest published a statement insisting that their cash and available liquidity remain solid and that there had not been any extraordinary deposit outflows as of yet. PacWest is currently in discussions with potential buyers and investors are ongoing, and the bank is evaluating various options to maximize shareholder value.

There have been reports that PacWest may look into breaking up or raising capital; any potential buyer would likely have to book a sizeable loss due to markdowns on some of the lender’s loans.

Watch the Full Report Here

Tags: Banking CrisisFDICFederal ReservePacific Western BankPacWestUS Regional Banks
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