PacWest and First Horizon plummet 40% as banking-industry nerves spur speculation of further consolidation
Shares of PacWest have plunged 85% from the level they were trading at before the downfall of Silicon Valley Bank.
But a recent update from PacWest showed that its deposit base actually increased in recent months. Still, that doesn't seem to be enough to stem the current crisis hitting the company. According to, potential options being weighed by PacWest include a breakup or an outright sale to a larger bank. by both companies. While the uncertain banking environment likely played a role in the cancellation of the $13.4 billion merger deal, what also was at issue was the lack of clarity from regulators that had threatened the deal.
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