The statement from Western Alliance came after reports that PacWest Bancorp was exploring strategic options including a sale or capital raising.
The news sent shares of several regional lenders tumbling in after-market trading, led by a 52% plunge at PacWest and 23% decline at Western Alliance.
The late-day drop in regional bank shares added to losses in Wednesday's regular trading session, despite reassurances by U.S. Federal Reserve Chair Jerome Powell that the country's banking system remained resilient. JPMorgan agreed on Monday to acquire a majority of First Republic's assets in a $10.6 billion deal after regulators seized the lender, which became the largest U.S. bank failure since the 2008 financial crisis.
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PacWest Bancorp, Western Alliance post steep losses after First Republic dealRegional bank stocks are moving deeply into the red on Tuesday, the day after JPMorgan Chase & Co. said it’s acquiring First Republic Bank as a way to shore...
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Western Alliance says no unusual deposit outflows after First Republic saleWestern Alliance Bancorp said on Wednesday it had not experienced unusual deposit outflows following the sale of collapsed lender First Republic Bank to JPMorgan Chase & Co , as the U.S. regional bank sought to reassure investors.
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PacWest, Western Alliance shares tumble as US regional bank fears persistShares of U.S. regional banks PacWest Bancorp and Western Alliance Bank plunged on Tuesday as the demise of First Republic Bank triggered investor concerns about the financial health of other mid-sized lenders.
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PacWest, Western Alliance sell off after Jamie Dimon said crisis endedPacWest, Western Alliance lead regional bank sell-off of more than 20% a day after Jamie Dimon said the crisis had ended
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Bank stocks continue to fall following First Republic demiseRegulators have barely written the epitaph for First Republic Bank, but investors on Wall Street have already moved onto speculating which bank might be the next to fail. Bank stocks fell sharply Tuesday, led downward by smaller banks with heavy exposure to uninsured deposits and commercial banks like Western Alliance Bank, PacWest Bancorp, Comerica and Zions Bank. Shares of Western Alliance were down 17% in afternoon trading and PacWest dropped 25%, with trading of both stocks halted briefly due to high volatility. The ongoing concern among investors and regulators is that banks such as PacWest have large amounts of uninsured deposits _ those above $250,000.
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First Republic Seized and Sold: Why It Happened and What Comes NextWatch: The FDIC seized First Republic Bank early Monday and struck a deal to sell the bulk of its operations to JPMorgan Chase. BenEisen explains what led to the bank’s failure and what it means for customers, investors and the industry.
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