{"id":1924443,"date":"2023-05-04T18:43:24","date_gmt":"2023-05-04T22:43:24","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/regional-bank-stocks-tank-with-pacwest-falling-50-percent\/"},"modified":"2023-05-04T18:43:24","modified_gmt":"2023-05-04T22:43:24","slug":"regional-bank-stocks-tank-with-pacwest-falling-50-percent","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/regional-bank-stocks-tank-with-pacwest-falling-50-percent\/","title":{"rendered":"Regional Bank Stocks Tank, With PacWest Falling 50 Percent"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fregional-bank-stocks-tank-with-pacwest-falling-50-percent%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1924443&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The rout in regional banks picked up steam again on Thursday morning, with several stocks suffering sizeable losses.<\/p>\n<p>PacWest sank 50.6% was halted for volatility multiple times. The slide began on Wednesday evening following news that the Los Angeles-based bank was exploring strategic options, including a potential sale.<\/p>\n<p>related investing newsThere are limited options to fix the banking crisis, but one is gaining supportJeff Cox6 hours agoAnalysts warn regional bank stocks are in a \u2018negative feedback loop\u2019 and detached from fundamentalsJesse Pound8 hours agoUBS says it\u2019s time to start picking up some of the safer regional banks on the cheapMichelle Fox8 hours agoThe bank said in a statement that it \u201cwill continue to evaluate all options to maximize shareholder value.\u201d\u00a0PacWest\u2019s strategic review was first reported by Bloomberg News and later confirmed by CNBC.<\/p>\n<p>Meanwhile, Tennessee-based First Horizon also fell 33% after the regional lender and TD Bank announced that they were terminating their merger agreement. The banks said in a press release that the move was due to uncertainty around when TD would receive regulatory approval for the deal and was not related to First Horizon.<\/p>\n<p>Other notable declines included a drop of 38% for Western Alliance and about 12% for Zions Bancorp. The SPDR S&#038;P Regional Banking ETF (KRE) was down more than 5%.<\/p>\n<p>Western Alliance\u2019s slide came despite an update from the company on Wednesday evening that showed deposits have grown since the end of March.<\/p>\n<p>\u201cThat hasn\u2019t taken the heat off of the stock, or the bond prices. &#8230; Investors are very nervous, and I think what they\u2019re nervous about is the fact that Silicon Valley lost 75% of their deposits in 36 hours. There\u2019s not a bank in the world that could really sustain that,\u201d KBW CEO Tom Michaud said on CNBC\u2019s \u201cSquawk on the Street.\u201d <\/p>\n<p>Thursday\u2019s moves come less than a week after First Republic was seized by regulators and sold at a discount to JPMorgan Chase, marking the the third failure of a regional bank since the start of March.<\/p>\n<p>First Republic had searched for weeks for a market solution to stabilize itself after massive deposit withdrawals in the first quarter, but none materialized and regulators stepped in.<\/p>\n<p>Many regional banks saw deposit outflows in March around the collapse of Silicon Valley Bank, raising questions about the stability of their funding and the value of some assets on their books that were not marked to market. Expected regulatory changes have also clouded the long-term profit outlook for the group. <\/p>\n<p>JPMorgan CEO Jamie Dimon and Federal Reserve Chair Jerome Powell expressed optimism this week that the initial wave of bank failures has passed, but the drops for the stocks show that investors still lack confidence.<\/p>\n<p>Michaud said that federal officials might need to change rules around deposit insurance, at least temporarily, to restore confidence in the banking system. <\/p>\n<p>\u201cThis turmoil is still rolling, and I think it won\u2019t stop until we build some stability into the system,\u201d Michaud said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The rout in regional banks picked up steam again on Thursday morning, with several stocks suffering sizeable losses.PacWest sank 50.6% was halted for volatility multiple times. The slide began on Wednesday evening following news that the Los Angeles-based bank was exploring strategic options, including a potential sale.related investing newsThere are limited options to fix the<\/p>\n","protected":false},"author":1,"featured_media":1924444,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[5373,6820,25850,6157,21696,10467,5907],"class_list":["post-1924443","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-bank","tag-falling","tag-pacwest","tag-percent","tag-regional","tag-stocks","tag-tank"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1924443","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1924443"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1924443\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1924444"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1924443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1924443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1924443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}