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Regional bank shares sink in sign crisis not yet over

KEYT

By KEN SWEET and MICHELLE CHAPMAN
AP Business Writer

NEW YORK (AP) — Uncertainty continues to pummel the banking industry, despite assurances from financial regulators and bankers that the worst of the recent crisis is over and the banking system remains strong. Shares of smaller regional lender PacWest Bank plunged nearly 50% Thursday after the company confirmed reports that it was considering “strategic options” that may include the possible sale of the company. Other regional banks such as Comerica and Zions also saw double-digit declines. The bigger worry is that the bank failures might cause customers and investors to doubt relatively healthy banks, a concept known as financial contagion and one of the nightmares for bank regulators and the industry.

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