SPDR S&P Regional Banking ETF (KRE) Hits Low, Down 4.5%
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PacWest confirms strategic options talks after US bank shares plunge
May 3, 2023 6:21 AM EDTBy Anirban Sen and Noel Randewich
(Reuters) - PacWest Bancorp said late on Wednesday it was in talks with potential partners and investors about strategic options after shares of the Los Angeles-based lender and several other U.S. regional banks tumbled amid fears of a worsening banking crisis.
In a statement, PacWest said it had not experienced any unusual deposit outflows since the sale of First Republic Bank to JPMorgan Chase & Co was announced on Monday.
The planned sale of its $2.7 billion lender finance loan portfolio remained on track and once completed would increase its... More
PacWest, Western Alliance shares tumble as US regional bank fears persist
May 2, 2023 11:00 AM EDTBy Niket Nishant and Chibuike Oguh
(Reuters) -Shares of U.S. regional banks PacWest Bancorp and Western Alliance Bank plunged on Tuesday as the demise of First Republic Bank triggered investor concerns about the financial health of other mid-sized lenders.
JPMorgan Chase agreed on Monday to acquire a majority of First Republic's assets in a $10.6 billion deal after regulators seized the lender, which became the largest U.S. bank failure since the 2008 financial crisis.
Investors fear the latest turmoil, which began with the failures of Silicon Valley Bank and Signature Bank in March, could spread to other regional... More
SPDR S&P Regional Banking ETF (KRE) extends decline, down 3.3%
May 2, 2023 10:02 AM EDTSPDR S&P Regional Banking ETF (NYSE: KRE) extends decline, down 3.3%
... More