PacWest stock tanks 60%, Western Alliance 40% as more lenders dragged into banking turmoil

Zion Bancorporation tumbled 10.0 per cent and Comerica fell 7.5 per cent, while KeyCorp and Valley National Bancorp dropped 8 per cent and 5 per cent. The SPDR S&P Regional Banking ETF shed 3.7 per cent.

PacWest Bancorp reported a loss of US$1.1 billion attributed to shareholders for the first quarter of the year. First Horizon shares slumped 40 per cent, while U.S.-listed shares of Toronto-Dominion Bank edged 1.4 per cent higher. “It was hoped that the First Republic’s assets being purchased by JPMorgan would stabilize the rest of the sector, but it’s still a question of confidence,” said Rick Meckler, partner at Cherry Lane Investments.

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