Shares of PacWest Bancorp plummeted after the regional lender said it faced a sizable withdrawal of deposits, renewing concern in the aftermath of a string of major bank collapses.
In the statement last week, the company rejected concern about a sudden run on deposits, saying it had "not experienced out-of-the-ordinary deposit flows" after the seizure and sale of First Republic two days prior.
The significant withdrawal of deposits mostly took place in the days following the announcement last week, PacWest said on Thursday. In all, PacWest stock has fallen more than 80% this year, erasing hundreds of millions of dollars in value.Eric Thayer/Bloomberg via Getty Imageswithin weeks of three of the nation's 30-largest banks.
As the Fed aggressively hiked interest rates over the past year, the value of long-term Treasury and mortgage bonds dropped, punching a hole in the balance sheets at some regional banks.
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