This post was originally published on this site
PacWest Bancorp shares dropped 21% in premarket trades on Thursday after the bank said it lost 9.5% of deposits during the week ended May 5 amid market volatility.
The bank PACW said its deposits were affected on the heels of First Republic’s government-brokered sale to JPMorgan Chase & Co. JPM, which was announced on May 1.
“This event…
