By Ovunc Kutlu
ISTANBUL (AA) – The stock price of American bank Pacific Western Bank plummeted 60% on Thursday due to the possibility of asset sales amid the US banking crisis.
PacWest's stock price plummeted to as low as $2.48 per share for a 61% decline, after closing Wednesday at $6.42 a share.
"The Company has explored strategic asset sales, including moving the $2.7 billion Lender Finance loan portfolio to held for sale in 1Q23," the bank said in a statement.
While the bank said its planned sale remains on track, it said it has been approached by several potential partners and investors.
Three US banks have seen sudden collapse since March – Silicon Valley Bank, Signature Bank and First Republic Bank.
PacWest, the Los Angeles-based bank which had more than 2,400 employers by the end of last year, was founded in 1999.
It posted a net loss of $1.21 billion available to common stockholders in the first quarter of this year.
The figure is significantly down from $49.5 million recorded in the fourth quarter of last year, and from $120 million in the first quarter of last year, according to its financial results statement released on April 25.