PacWest Drops Further on Reports of Potential Sale Amid Banking Crisis

Shares of PacWest Bancorp dropped significantly after a Bloomberg report indicated that the bank is considering a range of strategic options, including a sale. The Los Angeles-based bank is currently trading at 86% below its value on March 8. The bank is open to formal auction and could also potentially break up or look to raise capital. The potential sale comes after PacWest secured $1.4 billion from Apollo Global Management’s Atlas SP Partners to boost its finances.

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