Western Alliance shares plummet 80% as bank stocks take a beating after SVB's failure

https://markets.businessinsider.com ^ | Mar 13, 2023, 8:24 AM | Zahra Tayeb

[Red Badger]

Shares in Western Alliance Bancorp are getting hammered as smaller lenders come under pressure after the failure of Silicon Valley Bank.

The Arizona-based bank's stock plunged 83% to $7.84 on Monday, following a 21% slide on Friday.

US regional banks have fallen victim to SVB's sudden meltdown, with First Republic Bank shares tumbling 78% and PacWest Bancorp down 53% on Monday.

That poor showing comes despite efforts to ease investor concerns that other banks would be hit by the same problems suffered by SVB. On Sunday, Signature Bank became the third lender to shut its doors in the space of a week, after crypto-friendly bank Silvergate closed voluntarily.

On Friday, SVB was closed by regulators and put under the control of The Federal Deposit Insurance Corporation after That followed a tumultuous few days for SVB, which saw a call for capital fail and a rush of depositors withdrawing their funds.

[Red Badger]

The wheel is still turning but the hamster is dead.................

[Red Badger]

The goal is ONE BANK TO RULE THEM ALL............................

[mewzilla]

Trust is the coin of the realm.

And Deep State is flat busted.

[The Duke]

Why do I believe all this talk of “Regional Banks” is intended to drive accounts to the large banks? I feel quite comfy with all my eggs in “regional banks” (especially since the region I live in is very fiscally conservative).

[dfwgator]

“Never let a crisis go to waste.”

[C210N]

As of 11:23 AM, 174 stocks on the NYSE and NASDAQ have had their trading halted. Stocks are being added minute by minute.

https://www.nasdaqtrader.com/trader.aspx?id=tradehalts

[C210N]

Look at the just posted link to a listing in realtime of the trading halts. It goes back in time, and you can see for yourself if this is normal or abby-normal. (hint: its abby normal).

[CatOwner]

I guess that’s one plus to having assets in a credit union. No stock.

[C210N]

It’s called CBDC. That “One Bank” is connected to all.

[Red Badger]

Regional Banks will be hit with new ‘fees’ by FedGov to support the bailouts..........................

[unixfox]

But nothing is wrong, says Joe.

[unixfox]

Do you reckon there is potential for much more volatility today and in coming days?

I would not be buying any financial stocks right now that's for sure. Looks like the sh!t is about to hit the fan.

[cgbg]

“Regional Banks will be hit with new ‘fees’ by FedGov to support the bailouts”

Yup—the banking equivalent to taxing (mostly low income) cigarette smokers to pay for benefits of illegal aliens.

[Fury]

They never halt trading when stocks go up.

I don't believe that is correct. Stocks are halted when good news comes out in relation to close, etc.

[desertsolitaire]

Thanks.

[desertsolitaire]

Thanks.

[SaveFerris]

2023: Biden’s Banking Crisis

Bring on the Digital Currency.

All according to plan? /shiny side out

[cgbg]

Fair enough for a specific stock—but I can’t recall any mass “stop trading” on industry good news.

[Fury]

Fair point.

I’m sure shorts are making some of this action.

[SaveFerris]

[Lotta banks.]

(cough)

Lotto banks....

(cough)