Stock Market

PacWest Bancorp is currently weighing strategic options, including a possible sale, which has caused the bank’s shares to plummet more than 50% in after-hours trading. According to sources, Piper Sandler and Stephens have been brought in to evaluate longer-term plans for the business. Many West Coast regional banks have been hit hard since the collapse of Silicon Valley Bank in March due to concerns that their customer bases are similar. First Republic Bank was also recently seized by regulators and sold to JPMorgan Chase. PacWest’s market cap is roughly $750 million and the stock is down by 72% this year. The bank’s shares declined nearly 2% during the regular session on Wednesday, marking their fifth straight losing day.