PacWest, $PACW, is now price just $400 million and is officially a penny stock.

The bank was price nearly $10 billion just over one 12 months ago.

Meanwhile, still no comment from regulators this week.

Follow us @KobeissiLetter for real time evaluation as this develops. pic.twitter.com/nuJkQc46AG

— The Kobeissi Letter (@KobeissiLetter) May 3, 2023

BREAKING: Regional Bank stocks are crashing after hours as PacWest, $PACW, says they’re on the lookout for a buyer.

– PacWest, $PACW, now down 57%

– Western Alliance Bank, $WAL, now down 30%

– Metropolitan Bank, $MCB, now down 20%

2 hours ago the Fed said the “system is powerful.”

— The Kobeissi Letter (@KobeissiLetter) May 3, 2023