On March 10, 2023, Business Insider reported that after Silicone Valley Bank’s $1.8 billion loss, shares of PacWest have crashed. The Company has “exposure to the same type of venture capital clients that Silicon Valley Bank had. A sizeable amount of PacWest’s lending portfolio is tied to real estate owned by venture capital firms.”
On this news, PacWest’s stock price fell $7.54 per share, or 37.91%, to close at $12.35 per share on March 10, 2023.
On March 13, 2023, PacWest’s stock price dropped to $7.07 per share, or 42.7% in pre-market trading.