Mr Cooper Group Inc (COOP): Good morning people FYI PacWest confirms...

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Thursday, 05/04/2023 8:09:46 AM

Thursday, May 04, 2023 8:09:46 AM

Good morning people FYI PacWest confirms strategic options talks after US bank shares plunge
May 3 (Reuters) - PacWest Bancorp (PACW.O) said late on Wednesday it was in talks with potential partners and investors about strategic options after shares of the Los Angeles-based lender and several other U.S. regional banks tumbled amid fears of a worsening banking crisis.

In a statement, PacWest said it had not experienced any unusual deposit outflows since the sale of First Republic Bank to JPMorgan Chase & Co (JPM.N) was announced on Monday

The planned sale of its $2.7 billion lender finance loan portfolio remained on track and once completed would increase its common equity tier one ratio from 9.21% to at least 10%, the bank added.

"In accordance with normal practices the company and its board of directors continuously review strategic options," PacWest said.

"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," it added.

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