Banking Crisis Continues: “PacWest Says in Talks With Potential Partners After [Stock] Share Plunge”
May 4, 2023
“PacWest Bancorp said core deposits have increased since March and confirmed it’s in talks with several potential investors, seeking to calm markets after a 60% stock rout that made it the new focal point of concern over the health of US regional lenders.
“The bank has not experienced out-of-the-ordinary deposit flows following the sale of First Republic Bank and other news,” PacWest said in a statement after the stock’s post-market plunge. “Our cash and available liquidity remains solid and exceeded our uninsured deposits.
The turmoil at PacWest shows how investor angst remains elevated after a string of industry failures and deposit outflows despite Federal Reserve Chair Jerome Powell’s assurance Wednesday that authorities were closer to containing the crisis…”
https://finance.yahoo.com/news/pacwest-moves-calm-market-60-053127958.html
I might make this is to a little series of sorts of updates. This is serious so I’m going to track it more closely.