A handful PacWest Bancorp insiders, including Chief Executive Paul Taylor, bought the bank’s stock late last week after it started to tumble, as SVB Financial Group’s Silicon Valley Bank’s troubles became public.
But even as the Beverly Hills, Calif.-based bank PACW tried to reassure investors on Friday by saying it was a “well-performing, well-diversified” bank with “excellent” asset quality, the stock continued to sink, enough that the recently purchased shares were worth less than half the price insiders paid to buy them.
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