PacWest Bancorp Shares Plummet Over 30% Amid Strategic Options Evaluation

Shares of PacWest Bancorp ($PACW@US) fell more than 30% in premarket trading after news that the bank is considering strategic options, including a possible sale, and has brought in advisors to evaluate longer-term plans. The bank later confirmed it is still in discussions with multiple potential investors and partners. Other regional banks, including Western Alliance Bancorp and KeyCorp, declined following the news. PacWest reported that total deposits declined more than $5 billion in Q1, but saw a net gain of $1.1 billion in deposits from March 20 until quarter end, and deposits grew by another $700 million from March 31 through April 24.