
BREAKING NEWS: PacWest Shares Slide Nearly 60% in After-Hours on Report of Possible Sale
PacWest Bancorp, whose shares have tumbled more than 70% this year, has been weighing a range of strategic options, including a sale, reported Bloomberg, citing people familiar with the matter.
The report noted that the Beverly Hills-based bank has not found much interest in an acquisition of the entire bank and could look to break it apart or just raise fresh capital.
PacWest has been in the crosshairs this week after the collapse and sale of First Republic Bank, which was sold to JP Morgan Chase & Co after the FDIC took it into receivership, in a deal that left shareholders with no equity.
