PacWest, Western Alliance stocks continue to plummet
Regional equipment financiers PacWest and Western Alliance Bank continued to see their stock crater Monday as investors showed concern over banks.
Several banking stocks declined Monday as part of the fallout from the closure of both Silicon Valley Bank and Signature Bank, which is the parent bank of equipment financier Signature Financial. PacWest and Western Alliance Bank began to see stock values decline on Friday along with Signature Bank’s stock values, and the decline continues today.
PacWest Bancorp stocks were $9.75 as of market close, down 21.05% or $2.60, after ending March 10 at $12.3 following a 37.91% decline that day. PacWest has a market capitalization of $1.2 billion as of at market close.
Beverly Hills, Calif.-based Pacific Western Corporate Asset Finance originated more than $365.9 million in business volume in 2022 and just more than $1 billion in managed assets, making it the 55th largest equipment financier at yearend, according to the Monitor 100.
Pacific Western Bank issued updated financial figures Friday as a result of last week’s turbulence. PacWest Bancorp had unpledged, liquid securities of about $5.3 billion as of March 9, according to a company release. PacWest Bancorp stated total deposits of $33.2 billion as of March 9, down 2.1% compared with yearend deposits.
Western Alliance Bancorp
Western Alliance Bancorp stocks were $26.12 as of market close, down 46.94% or $23.11, after ending March 10 at $49.34 following a 20.92% decline that day. Western Alliance has a market capitalization of $2.86 billion as of market close.
Phoenix-based Western Alliance Equipment Finance originated nearly $138 million in business volume in 2022 and $334 million in managed assets, making it the 88th largest equipment financier at yearend, according to the Monitor 100.
Western Alliance Bank also issued updated financial figures March 10 due to the week’s events. Western Alliance Bancorp had unpledged available-for-sale marketable securities of $5.3 billion as of Feb. 28, according to a company release. Western Alliance Bank posted total deposits of $53.6 billion, up 12.7% year over year.