A buying opportunity.
“lost a sizable amount of deposits during the first quarter as customers sought ... higher yields being offered by money market funds”
that’s what i did ...
This is what happens when you have the fed messing with your money supply. Gaming the system for certain peoples gain. Instead of small ups and downs within a fairly stable system we have to deal with destruction of savings, and major financial crisis.
None of these failing banks have dangerous loan portfolios.
This entire crisis is based on huge numbers of panicked depositors withdrawing all their money from banks that do not have sufficient short term cash reserves to cover all their withdrawals.
That kind of irrational behavior could spread to EVERY bank in the USA.
The only way to stop this is to hold almost 100% of deposits in overnight money markets and cash.
That means almost 100% of USA banks would voluntarily close because they cannot possibly make a profit.