Name: PacWest Shares Fall More Than 55 Percent in After-Hours Trading As It Seeks Rescue
Uploaded: 2023-05-04T14:25:08.000Z
Description: PacWest Bancorp (NASDAQ: PACW) shares fell more than 55 percent in after-hours trading on Wednesday following news that company executives were considering a potential sale.

Cary Dunst is the news anchor for NTD Evening News. He is also the co-host of NTD Good Morning.


Cary Dunst

NTD Plus

News

We present news that is truthful and based on facts, outside of the political fog. Instead of focusing on the negative things happening around us, our mission is to give our viewers a good morning with empathetic and uplifting stories. Our aim is to provide an antidote to negativity by shining a light on the best side of people. We speak to inspiring people who positively impact communities, pursue topics that represent our common human values, and will never miss an opportunity to bring you heartwarming stories.

NTD Good Morning

Improve Your Life by Strengthening Communication Skills: Tips by Expert

Daniel Monaghan is a reporter for NTD News covering culture, social issues, and education. He holds a BA in Political Science and Government.

Daniel Monaghan

Glen Hansard Laid to Rest in Dublin: A Look Back at the Life of Ireland's Oscar-Winning Street Musician

NTD Newsroom comprises teams of reporters, editors, and producers assigned to cover breaking news and other stories.


NTD Newsroom

Top US Admiral Warns Against Coercion, Says No Nation Will Dominate Indo-Pacific

Teen Lifeguard Recalls Rescue After Viral Video

Michigan Primary to Determine ‘Where the Democratic Party Goes,’ According to Party Insider

Republican Hopefuls for Graham's Senate Seat Clash on Iran, Economy in Debate

Iris Tao is NTD's White House correspondent based in Washington. Prior to her work at the White House, Iris reported on U.S. politics and U.S.–China relations from NTD’s New York headquarters. She holds degrees in journalism and economics from Boston University.

Iris Tao

Bessent: Deal With Iran to Reopen Strait of Hormuz Could Come Tuesday or Wednesday

Lawmakers Condemn CCP's Ethnic Unity Law

DOJ Announces 'Largest Denaturalization Effort Ever'

Aldgra Fredly is a freelance writer covering U.S. and Asia Pacific news for The Epoch Times.

Aldgra Fredly

US News

Politics

Congress

Senate Advances Funding Bill to Avoid Shutdown

Stefania Cox is an NTD News anchor and national correspondent based at the network's global headquarters in New York City. Stefania anchors "NTD Newsroom," and co-anchors "NTD News Today" weekdays at 10:00 am ET.

Stefania Cox

NTD Good Morning Full Broadcast (Aug 4)

NTD Good Morning Full Broadcast (Aug 3)

NTD Good Morning Full Broadcast (July 31)

NTD Good Morning Full Broadcast (July 30)

NTD Good Morning Full Broadcast (July 29)

NTD Good Morning Full Broadcast (July 28)

NTD Good Morning Full Broadcast (July 27)

NTD Good Morning Full Broadcast (July 24)

Paul Greaney is an NTD news anchor and producer. Since joining the company in 2018, he has anchored the station’s flagship Evening News broadcast, launched the NTD Business show, and produced documentary reports on pointed issues. 

The highlight of Paul’s time in the field was his coverage of the Hong Kong pro-democracy protests in 2019.

Paul Greaney

NTD Good Morning Full Broadcast (July 23)

NTD Good Morning Full Broadcast (July 22)

Tom Gantert is a reporter for The Epoch Times.

Tom Gantert

Melina Wisecup is NTD's congressional correspondent based in Washington, covering Capitol Hill and campaign politics.

Melina Wisecup

Executive Branch

Trump Uses Recent Speeches to Warn Americans of Resurging Communism

NTD Movies

NTD+ Movies

The Unrestricted War

Juliet Song is an international correspondent exclusively covering China news for NTD. She primarily contributes to NTD's "China in Focus," covering U.S.-China relations, the Chinese regime's human rights abuses, and domestic unrest inside China.

Juliet Song

Shows

Fast, compelling, first-hand news from China. China in Focus airs Monday–Friday at 9:30 p.m. ET.

China in Focus

2.8 Million People in China Evacuated Amid Typhoon Bavi

Breaking news and in-depth analysis from the United States and beyond. We bring you the latest updates, exclusive insights, and sharp discussions on the most pressing issues. NTD Newsroom airs Monday–Friday from 2 p.m. to 6 p.m. ET.

US Announces Visa Restrictions Targeting Cybercriminals

Reuters is a news agency owned by Thomson Reuters. It employs around 2,500 journalists and 600 photojournalists in about 200 locations worldwide writing in 16 languages.

Reuters

Cyber Defense Agency Warns Hackers Are Increasingly Targeting Water Systems

Joseph Lord is a congressional reporter for The Epoch Times.


Joseph Lord

House Passes Legislation to Make Daylight Saving Time Permanent

Troy Myers is a regional reporter based in St. Augustine, Florida. His background includes breaking, criminal justice, and investigative writing for local news, producing on a national morning newscast in Washington, D.C., and working with an award-winning, weekly investigative news program. In his free time, he enjoys spending time with his dog at the beach.

Troy Myers

Jason Perry is an Army veteran and NTD's national security correspondent. Jason primarily covers border security, national defense, foreign wars, and veterans' issues.

Jason Perry

Courts

Appeals Court Upholds Block on Trump Order to Tighten Mail-In Voting, Citizenship Verification

News you can trust from the U.S. and around the world. Critical information and insight. We cover the stories that others don’t. NTD News Today airs Monday–Friday at 11 a.m. ET.

NTD News Today

Florida Ticket Wins $800 Million Mega Millions Jackpot

The Associated Press is an American not-for-profit news agency headquartered in New York City. 

The Associated Press

Sen. Lindsey Graham Likely Died After Aorta Tear, Medical Examiner Says

Bringing you the latest videos, livestreams, and premieres.


NTD Videos

Label

Live

NTD+ Live

Trump Makes an Announcement on Freedom Hauler in the White House

PacWest Bancorp (NASDAQ: PACW) shares fell more than 55 percent in after-hours trading on Wednesday following news that company executives were considering a potential sale.

Bloomberg <a href="https://www.bloomberg.com/news/articles/2023-05-03/pacwest-said-to-weigh-strategic-options-including-possible-sale?sref=rEN54iKj#xj4y7vzkg" target="_blank" rel="noopener">reported</a>, citing anonymous sources, that the regional bank, which has been weakened by the failure of three California-based lenders, has been contemplating a number of strategic alternatives, including a sale.

Shares of the Beverly Hills-based bank have already taken a hit in the aftermath of Silicon Valley Bank’s failure in March. PacWest’s stock has plunged 76 percent from more than $26 on March 8 to $6.42 as of 6:33 p.m. on May 3.

The news comes just hours after the Federal Reserve <a href="https://www.theepochtimes.com/federal-reserve-raises-rates-by-25-basis-points-opens-door-to-pause_5238677.html">said</a> that the worst of the banking turmoil was over. Following the conclusion of the Federal Open Market Committee (FOMC) meeting on Wednesday, Fed officials reiterated that the “banking system is sound and resilient.”

On May 1, First Republic Bank was seized by the Federal Deposit Insurance Corp. (FDIC), which announced that most assets of the troubled bank would be bought by JPMorgan Chase.

“To protect depositors, the FDIC is entering into a purchase and assumption agreement with JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all of the deposits and substantially all of the assets of First Republic Bank,” the FDIC stated.

The problems of financial institutions, such as Silicon Valley Bank, Signature, and First Republic, that were at the center of the banking crisis “have now all been resolved,” and depositors have been protected, Fed Chair Jerome Powell said during a post-FOMC press conference.

President Joe Biden also confirmed that the U.S. banking system is “safe and sound” after federal regulators facilitated the sale of First Republic Bank.

Speaking from the White House on May 1 to mark National Small Business Week, Biden announced that all First Republic insured and uninsured depositors would be protected. Taxpayers would not be on the hook, Biden stated.

“These actions are going to make sure that the banking system is safe and sound,” the president said.

At the end of 2022, PacWest was the nation’s 53rd-largest commercial bank, with <a href="https://www.federalreserve.gov/releases/lbr/current/" target="_blank" rel="noopener">$41 billion</a> in total assets, according to the Federal Reserve.

<em>Tom Ozimek and Andrew Moran contributed to this report.</em>

<em>From <a href="https://www.theepochtimes.com/pacwest-shares-fall-more-than-55-percent-in-after-hours-trading-as-it-seeks-rescue_5240699.html">The Epoch Times</a></em>

Videos

Business News

01_Lead Story

Latest Clips

Management

Emel Akan is a senior White House correspondent for The Epoch Times, where she covers the Biden administration. Prior to this role, she covered the economic policies of the Trump administration. Previously, she worked in the financial sector as an investment banker at JPMorgan. She graduated with a master’s degree in business administration from Georgetown University.

Emel Akan

Jeremy Sandberg is an international correspondent for NTD News. He primary covers geopolitics, foreign affairs, and U.S. domestic politics. 

Jeremy Sandberg

SVB Collapse

Latest and breaking news, documentaries, movies, and lifestyle content on NTD+.
 
Empower your knowledge and elevate your spirit with NTD+, your go-to destination for truthful news, insightful documentaries, and captivating lifestyle content that enriches your life.

PacWest Shares Fall More Than 55 Percent in After-Hours Trading As It Seeks Rescue

News with integrity, from the United States and around the world. Focused reports and analyses that shed light on major issues the world deserves to know. NTD Evening News airs daily at 6 p.m. ET.

NTD Evening News

NTD Evening News Full Broadcast (August 3)

NTD News Today Full Broadcast (August 3)

NTD Evening News Full Broadcast (Aug. 2)

NTD Evening News Full Broadcast (July 31)

NTD News Today Full Broadcast (July 31)

NTD Evening News Full Broadcast (July 30)

NTD Evening News Full Broadcast (July 29)

NTD News Today Full Broadcast (July 29)

NTD Evening News Full Broadcast (July 28)

NTD News Today Full Broadcast (July 28)

NTD Evening News Full Broadcast (July 27)

NTD News Today Full Broadcast (July 27)

Chris Beers is an NTD News anchor and political correspondent based at the network's global headquarters in New York City. Chris co-anchors "NTD News Today" weekdays at 10:00 am ET.