PacWest's Deposits and Stock Prices Take a Hit.
TL;DR Summary
Shares of PacWest fell 20% in premarket trading after the regional bank reported a 9.5% decline in deposits during the first week of May. The bank attributed the majority of the outflows to media reports that it was exploring strategic options. PacWest said it was able to fund the withdrawals with available liquidity and now has $15 billion of available liquidity compared to $5.2 billion in uninsured deposits. Other regional bank stocks were also under pressure in premarket trading.
- PacWest shares tumble 20% after regional bank says deposits fell 9.5% last week CNBC
- PacWest stock plummets after it moves to boost borrowing capacity Yahoo Finance
- PacWest Deposits Dropped 9.5% After Report of Investor Talks Bloomberg
- Live news: PacWest shares tumble 20% after liquidity report Financial Times
- PacWest Is Tumbling Again. Deposits Fell Last Week. Barron's
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