East West Bancorp says ‘liquidity is strong,’ but stock suffering biggest selloff since the financial crisis

Shares of East West Bancorp Inc. EWBC plummeted 23.2% in morning trading Monday, toward their second-biggest one-day selloff, in the wake of recent bank failures, prompting the Pasadena, Calif.-based bank to reiterate its “capital and balance sheet strength.” The stock, which has now sunk 33.9% in three days, since SVB Financial Group’s SIVB troubles became public, was headed for the lowest close since December 2020. The stock’s biggest one-day selloff was 26.2% on March 5, 2009, in the midst of the financial crisis. “In light of recent industry events and market volatility, we reiterate that East West Bank’s business…