PacWest Confirms It’s Considering Sale as Stock Selloff Deepens
Pacific Western Bank has confirmed that it’s exploring its “strategic options,” which is Wall Street code for the possibility of a sale to a white knight, with the bank saying it has been approached by potential investors.
PacWest Bancorp, the California-based holding company that owns Pacific Western Bank, said in a statement on May 4 that it was in talks with potential partners and investors after shares of the California-based lender—and some other regional banks—tumbled amid fears of a worsening banking crisis.
“Recently, the company has been approached by several potential partners and investors—discussions are ongoing. The company will continue to evaluate all options to maximize shareholder value,” PacWest stated….