Regional Bank Stock Plummets After Company Reveals Deposits Dropped Again
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- Shares for PacWest plummeted on Thursday after the bank revealed that deposits fell considerably last week amid broader concerns with the financial sector.
- PacWest, which is based in Beverly Hills, California, and also serves clients in Arizona, Utah, and Texas, witnessed deposits fall 17% between the end of December and the end of March, from $34.0 billion to $28.0 billion, according to a first quarter earnings report from the company.
- Another securities release published on Thursday indicated that deposits declined another 9.5% last week, with most of the decreases occurring after news stories on May 4 and May 5 discussed the company’s troubles.