via WSJ:
Shares of PacWest Bancorp PACW -22.70%decrease; red down pointing triangle fell 23% Thursday, dragging down other midsize banks, after PacWest disclosed another round of deposit flight.
The bank said in a securities filing that it lost 9.5% of its total deposits last week. PacWest stock was halted several times because of volatile trading.
Last week started with the collapse of First Republic, which made some bank investors worry that the turmoil in regional banks will continue to spread. But PacWest said that the majority of its deposit outflows occurred on May 4 and 5, after news reports that said PacWest was exploring a potential sale.
BREAKING: Regional banks are under pressure after $PACW said it lost 9.5% of deposits last week.
"It looks like it's too late for this bank," says @Convertbond. "We've lost 5% of deposits at all banks. In 2008, we lost 3%. The speed of information flow has sped up this process." pic.twitter.com/ksHI3vzdnT
— Squawk Box (@SquawkCNBC) May 11, 2023
US Regional Bank Stocks Today:
1. PacWest, $PACW: -29%
2. Western Alliance, $WAL: -6%
3. Metropolitan Bank, $MCB: -5%
4. Fifth Third, $FITB: -4%
5. Zions Bank, $ZION: -3%
6. Regions Financial, $RF: -3%
7. Comerica, $CMA: -3%
8. First Horizon, $FHN: -2%
Every time this…
— The Kobeissi Letter (@KobeissiLetter) May 11, 2023