PacWest and Western Alliance Stocks Plunge as Banking Turmoil Continues

Regional banks PacWest Bancorp ($PACW@US) and Western Alliance ($WAL@US) suffered heavy losses on their shares on Thursday amid ongoing talks with partners and investors, indicating the banking crisis is still ongoing. PacWest Bancorp shares fell more than 50 percent to close at $3.17, while Western Alliance saw its shares tumble over 38 percent. Both banks said their deposit totals remained robust. Three regional banks have failed in the past seven weeks, among the most prominent victims of the Fed's rapid interest rate increases, which continued Wednesday. Investors re-evaluate the risks associated with their money as the Federal Reserve pursues interest rate increases.