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PacWest Says It’s Exploring Options After Shares Plunge



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PacWest Bancorp, a midsize lender that has been under pressure after three of its larger peers failed this year, issued a statement overnight, after its share price suddenly dropped, saying it was continuing to look to sell assets to shore up its finances.PacWest said that it was planning to sell a $2.7 billion loan portfolio, and that it was reviewing other options after being approached by potential “partners and investors.” The bank also said it had not seen an “out-of-the-ordinary” outflow of deposits in recent days. Deposits stood at $28 billion as of Tuesday, compared with roughly $29 billion that it held in late April.The bank released the updated details after its shares had plunged more than 50 percent in late trading on Wednesday. That drop came after Bloomberg News reported that the bank was working with advisers to explore options, including a sale.In early trading on Thursday, PacWest, based in Los Angeles, was d …

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