Fears Triggered of Another Bank Collapse as California Lender PacWest Shares Freefall

The US banking crisis erupted in March with the downfall of Silicon Valley Bank, followed by Signature Bank's collapse, and the takeover of San Francisco-based First Republic Bank. Ripples from that financial upheaval were felt as the Federal Reserve on May 3 hiked interest rates by 0.25% in another effort to fight inflation.