Fear Spreads As Bank Shares Plunge

  • by:
  • Source: AZ GOP
  • 03/13/2023

Regional bank stocks staged their deepest retreat in three years on Monday, reflecting deepening investor concern about the health of the industry following three bank failures in the past week. 

The KBW Nasdaq index of commercial banks dropped more than 10%, with large lenders such as Comerica Inc. CMA -23.48%decrease; red down pointing triangle and Zions Bancorp ZION -26.12%decrease; red down pointing triangle declining more than 20%. The SPDR S&P Regional Banking ETF KRE -10.55%decrease; red down pointing triangle dropped more than 15%, putting it on pace for its largest decline since 2008. 

The retreat shows the extent to which investors continue to back away from banks with large amounts of uninsured deposits. Deposit flight was at the center of the collapse this past week of SVB Financial Corp., the parent of Silicon Valley Bank, and Signature Bank. Comerica said 64% of its deposits at the end of last year were uninsured and Zions 53%, filings show. 

The Federal Reserve and the Biden administration took emergency steps Sunday to try to reassure Americans about the health of the financial system, but there were signs that investors remained concerned both about individual banks and about the likely economic impact of the tumult.

Source: WSJ
Wall Street by lo lo is licensed under Unsplash unsplash.com

Recent News

05/26/2023
image
GOP-led states step up with troops, law enforcement to help Texas tackle border woes

By: Adam Shaw | Fox News

As Texas continues to grapple with an ongoing crisis at the southern border, now into its third year, Republican-led states are stepping up by sending troops, law enforcement and other resources to help secure the southern border. Nebraska, Florida, Tennessee and Mississippi are all sending resources.

read more
05/26/2023
image
John Durham to testify before House Judiciary Committee after releasing scathing report

By: David Spunt , Greg Norman , Brooke Singman | Fox News

Special Counsel John Durham will testify in front of the House Judiciary Committee about his report in June, a source has told Fox News on Friday. House Judiciary Committee public testimony set for June 21st.

read more
05/25/2023
image
Rep. Lesko & Rep. Schneider Introduce Bipartisan Legislation to Simplify Tax Deadlines

By: Andrea Hitt

U.S. Congresswoman Debbie Lesko (R-AZ-08) and Congressman Brad Schneider (D-IL-10) introduced the bipartisan Tax Deadline Simplification Act to change the estimated tax payment deadlines to a uniform, quarterly schedule.

read more

Latest Video

02/23/2023
image
Chairman Jeff DeWit's Biography

By: AZGOP

Meet your new Republican Party of Arizona Chairman, Jeff DeWit!

read more
© 2023 AZ GOP