Another day, another bank in turmoil.
PacWest Bancorp shares tanked 25 percent to below $5 at the opening bell as the financial institution announced that nearly 10 percent of its deposits fled the bank.
Will it persist in the coming days and weeks?
The data show that overall commercial bank deposits continue to tumble.
Meanwhile, the Federal Deposit Insurance Corporation (FDIC) will hold an open meeting that could involve the Deposit Insurance Fund, which has lost about $50 billion over the past couple of months because of the Silicon Valley Bank, Signature Bank, and First Republic failures.
Here is the live video of the meeting:
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