Deposit outflows after SVB collapse concentrated among ‘super-regionals’ – NY Fed study
Shares of regional lender PacWest Bancorp plummeted more than 20% on Thursday after the bank reported its deposits declined 9.5% last week. The lender stated that most of the drop occurred on May 4 and 5 after reports emerged that it was considering strategic options, including a potential sale. PacWest also said that the collapse of the First Republic Bank earlier this month “heightened market and customer fears of additional bank failures.” PacWest slid 22.25% to $4.7210 at 2:08 pm ET. NN: as time goes on and banks are forced to report the extent of the banking crises will become apparent to all.