Regional bank shares sink in sign crisis not yet over

By KEN SWEET and MICHELLE CHAPMAN
AP Business Writer

NEW YORK (AP) — Uncertainty continues to pummel the banking industry, despite assurances from financial regulators and bankers such as Jamie Dimon that the worst of the recent crisis is over and the banking system remains strong. Shares of smaller regional lender PacWest Bank plunged nearly 50% Thursday after the company confirmed reports that it was considering “strategic options” that may include the possible sale of the company. Investors fear that PacWest’s fate could mirror that of another California bank, First Republic, which spent weeks looking for a buyer before failing Monday. Regional banks such as Comerica and Zions also saw double-digit declines.