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Los Angeles-based PacWest (NASDAQ:PACW) slipped by more than 8%. The shares had pared back gains made on Monday after the bank cut its dividend, sparking fresh concerns over its financial well-being. PacWest previously said last week that it was mulling over its strategic options, including a possible sale.
Peer Western Alliance (NYSE:WAL), meanwhile, lost over 2%. The Arizona-based lender has stressed that it has not seen elevated deposit outflows since the collapse of First Republic Bank. It has denied media reports as well that it brought on an advisor to explore its own options and is considering a sale.
Meanwhile, fellow midsize lenders First Horizon (NYSE:FHN) and Zions Bancorporation (NASDAQ:ZION) inched lower. The KBW regional bank index, a tracker of these companies, fell by nearly 3%.
