US banking crisis fears arose again as PacWest stock flash crashed before it was rescued in a merger deal with the Banc of California.
Shares in PacWest bank flash crashed by 27% on July 25 only to quickly recover in after-hours trading on the news it had merged with the Banc of California.
PacWest Bancorp stock slumped from $10.33 to $7.50 in late trading on July 25, sparking concern among the finance and crypto community — with some asking if “the next banking collapse” was starting. Share prices recovered in after-hours trading on July 25 and were priced at $10.10 at the time of writing,
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