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PacWest Bancorp, which is currently exploring strategic options,
climbed 7.9% and was set to build on a 22% gain recorded for the
week till Wednesday.
Shares of Western Alliance climbed 4.2%, also poised to extend
their near 27% surge this week after the Phoenix-based lender
reported strong deposit growth in an attempt to reassure
investors of its financial health after three regional banks
failed in recent months.
After a bruising selloff, U.S. regional banks have found some
reprieve this week thanks to favorable brokerage actions
following Western Alliance's deposit disclosure, along with
hopes that Washington will reach a deal to raise the U.S. debt
ceiling.
Fund managers and billionaire investors have also doubled down
on mid-sized lenders, hoping to buy the dip.
The KBW Regional Banking Index jumped 7.2% on Wednesday,
recording its biggest percentage gain in nearly two years. The
index has risen nearly 11% from a 2-1/2-year low hit earlier
this month.
Among other movers on Thursday, Zion Bancorp climbed 1.3% and
First Horizon added 2.4%.
Meanwhile, Charles Schwab Corp edged about 1% lower after the
financial services firm said it was looking to raise $2.5
billion in debt.
(Reporting by Medha Singh and Mehnaz Yasmin in Bengaluru;
Editing by Devika Syamnath)
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