After SVB Financial Group’s Silicon Valley bank troubles became public, a handful of PacWest Bancorp insiders, including Chief Executive Officer Paul Taylor, bought the bank’s stock late last week.
But even though Beverly Hills, California-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 most recently bought shares were priced at less than half the price insiders paid to buy them.
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