HomeIndustriesPacWest Explores Sale in the Face of Stock Plunge

PacWest Explores Sale in the Face of Stock Plunge

PacWest Bancorp has reportedly been exploring strategic options including the potential sale of the company and a capital raise as the lender’s stock continues to plummet. This comes after the liquidity boost that PacWest announced in March failed to inspire investor confidence and improve its share price.

Since the start of the regional banking crisis on March 8, PacWest shares have declined by approximately 90%. On Wednesday, the stock plummeted 58% to $2.88 per share after the company’s announcement regarding its strategic considerations.

According to a source familiar with the matter, the Los Angeles-based banking company is looking to avoid the fate of other regional lenders by finding a solution to bolster its finances.

Following the start of the banking crisis lenders including the likes of Silicon Valley Bank, Signature Bank, and First Republic Bank have all been taken over by the Federal Deposit Insurance Corporation, which then sold them wholly or in part to other banks.

U.S. Homeowners Remain In Homes Longer Than They Did 20 Years Ago

A study by real estate brokerage Redfin found that U.S. homeowners are remaining in their existing homes for longer than they did 20 years...

PCE Index Expected to Rise By Most in a Year

The personal consumption expenditures (PCE) price index, known to be the Federal Reserve's preferred inflation gauge, is expected to rise at its quickest pace...

Warner Bros. Discovery Misses Earnings Estimates

Warner Bros. Discovery fell short of expectations when releasing its fourth-quarter earnings on Friday. The company reported a revenue of $10.28 billion, missing the...