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Why PacWest Bancorp (PACW) Shares Are Getting Hammered This Week

PacWest Bancorp (NASDAQ: PACW) shares are trading lower by 37.37% to $4.68 over the trailing five sessions after the bank said deposits declined last week. The company this week also announced it has <
byHenry Khederian
May 12, 2023
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PacWest Bancorp (NASDAQ:PACW) shares are trading lower by 37.37% to $4.68 over the trailing five sessions after the bank said deposits declined last week. The company this week also announced it has cut its dividend.

What Happened With Deposit Activity?

In a new regulatory filing, PacWest said deposits fell 9.5% last week on the heels of media reports indicating the regional bank was “exploring all of its options and having talks with potential investors and partners.”

“The news headlines increased our customers fears of the safety of their deposits,” PacWest said in the filing…Read More

According to data from Benzinga Pro, PACW has a 52-week high of $32.68 and a 52-week low of $2.48.

 
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