PacWest Bancorp has kept offering reassurances about its business since Silicon Valley Bank collapsed in March. The bank’s stock has continued to fall, though, a sign the siege of U.S. regional banks might not end until policy makers act decisively to break it.
Shares of the Beverly Hills, Calif.-based regional bank fell 23% on Thursday after the company said its deposits dropped 9.5% during the week ended May 5. The lender said most of the decline occurred in the wake of news reports that PacWest was exploring a range of options, including a sale.
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