Regional-bank stocks rose Wednesday as hard-hit PacWest Bancorp agreed to be acquired by Banc of California in a sign that the hangover from bank failures earlier this year may be receding.
“The implied take out price of $ 9.60 is higher than many estimated, with ‘[PacWest] resolution’ a net positive for the banking sector,” KBW analyst Christopher McGratty said in a research note.
The…