Regional Banks Took off in Morning Trading After PacWest’s News; Western Alliance Soared Over 9% While Comerica Jumped Over 5%

Tiger Newspress2023-07-26

Regional banks took off in morning trading after PacWest’s news; Western Alliance soared over 9% while Comerica jumped over 5%.

PacWest had agreed to be acquired by Banc of California in an all-stock merger backed by two private-equity firms. The deal values PacWest at $9.60 a share, a premium over its closing price of $7.67 a share on Tuesday.

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