PacWest Stock Surges 82%

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PacWest Stock Surges 82%, Regional Banks Recover After Selloff

Midsize and small banks still nurse heavy losses for the week, which started with the collapse of First Republic


Shares of under-fire regional banks surged to recover some of their lost ground on Friday, though many still ended the week nursing hefty losses.

Bankers and government officials hoped the sale of First Republic Bank FRCB 8.52%increase; green up pointing triangle to JPMorgan Chase on Monday would draw a line under upheaval from the collapses of Silicon Valley Bank and Signature Bank in March. But investors continued to hunt for weak links for much of the week, dumping shares of midsize and smaller banks.

That pressure eased Friday, with some of the hardest-hit banks bouncing back. 

PacWest PACW 81.70%increase; green up pointing triangle, a bank that has been in focus because of its startup clientele, jumped 82% after it dropped 51% a day earlier. The Los Angeles-based bank said this week it was in discussions with potential partners and investors and that it would “evaluate all options to maximize shareholder value.”

W, was up by 49%.Memphis-based First Horizon climbed nearly 9%. Its called-off sale to Toronto-Dominion Bank early Thursday had dragged it to its lowest close since 2020.

“Yesterday was essentially peak fear and peak panic,” said David Chiaverini, an analyst at Wedbush Securities, adding that Friday was a “relief rally” after a selloff that led bank stocks to be oversold.

It is unclear whether or for how long the recovery will be sustained. For the week, the KBW Nasdaq Regional Banking Index was down roughly 8% and the SPDR S&P Regional Banking ETF was about 10% lower, according to Dow Jones Market Data. 

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