Shares of regional banks remained under pressure in a fresh selloff Wednesday, as investors question the stability of the sector. Stock in PacWest Bancorp PACW dropped 12% in premarket trading, while shares of Metropolitan Bank Holding Corp. MCB dropped 8%, Citizens Financial Group Inc. CFG fell 9% and Western Alliance Bancorp. WAL stock fell 7%. Weakness for those lenders comes two days after JPMorgan Chase & Co. JPM announced plans to acquire troubled First Republic Bank. The plan was aimed at shoring up confidence in the sector, but thus far hasn’t prevented further deep losses in regional bank stock prices.
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