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PacWest falls more than 50% after hours on report bank is considering strategic options


A Pacific Western Bank branch in Los Angeles, California, US, on Friday, March 10, 2023.Eric Thayer | Bloomberg | Getty ImagesPacWest Bancorp shares tumbled 56% in extended trading on Wednesday following news that the bank is weighing strategic options.The regional bank is assessing options, including a possible sale, and bringing in advisors to evaluate longer-term plans for the business, CNBC confirmed, according to one person familiar with the matter. Piper Sandler and Stephens are the two firms advising PacWest, the person said.Bloomberg first reported that the bank was exploring options late Wednesday.The shares of many West Coast regional banks have been hit particularly hard since the collapse of Silicon Valley Bank in March, in part because of concerns that their customer bases are similar. This week, First Republic Bank was seized by regulators and sold to JPMorgan Chase.The Los Angeles-based PacWest has a roughly $750 million market cap, and is down by 72% this year. On Wednesday, PacWest shares declined nearly 2% during the …

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