Posted on 03/10/2023 4:09:51 PM PST by EBH
Several regional bank stocks were halted Friday morning amid a market selloff led by SVB Financial Group, owner of startup-focused Silicon Valley Bank.
First Republic Bank, PacWest Bancorp, Western Alliance Bancorp and Signature Bank were all halted for volatility after sharp declines in early trading.
First Republic had fallen by as much as 50%. PacWest and Western Alliance had slid more than 30%. Signature was down by about 25%.
SVB Financial said it would sell securities at a nearly $2 billion loss on Wednesday in the face of larger-than-expected deposit outflows. Its stock, which was halted early Friday, has fallen by about 81% since then. The company is seeking a buyer after scrapping its plan to shore up its finances through a capital raise, the Journal reported Friday.
The events have left investors wary of unrealized losses that have piled up at banks since a deposit surge in the pandemic, which led many to take big positions in bonds that have since dropped in value.
The KBW Index declined more than 6%. It was on pace for its worst week in nearly three years.
Among the biggest banks, JPMorgan rose 1%, while Citigroup and Morgan Stanley were down about 1.5%. Bank of America and Wells Fargo lost nearly 2%
(Excerpt) Read more at wsj.com ...
First republic is my moms bank she has multiple accounts there so was checking her accounts all morning my sisters friend they took their money off on a tip that it might be the next to go under
ping!
Look in my history. I posted early, early this morning that Market Watch listed 10 TEN banks that were vulnerable to this crash
You just want to make sure that her accounts’ total is under the $250k limit for FDIC insurance. If one of these banks goes under, and you’ve got more than 250k in there, you’re likely screwed (though there are different rules for trust accounts with multiple beneficiaries, etc, so your mileage may vary).
BidenDepression 2023
Oh and World War III
Hope I’m wrong
First Republic made $1.88 a share in Q4 2022, and is expected to earn $1.41 in Q1 2023. First tier capital at the end of 2022 was 11.34%.
Yep, Brandon’s economy in full swing.
I miss-read that FreeRepublic bank was closed. Oh No!
She has itf accounts which has my sister and brother as beneficiaries so she was told today that she is insured up to 750k but she is the primary holder so not sure if that makes a difference
Not sure how to look at your history which banks did you name..my money is at Luther bank but I sure as heck don’t have 250k in it
Buy GOLD!!
:-)
As long as they have 250k or less on the be bank they won’t lose their money.
Not necessarily true. Under changes in banking laws nearly a decade ago, banks can do bail-ins rather than receive bail-outs. Your deposits are converted to shares of a failing bank, and as the value of a bank falls, so does the value of your shares. The FDIC could take many months to pay out to depositors, in cash equal to the value of shares up to $250K. And this is a limit based on a total of shares across multiple banks owned by a single owning company. You can lose your money.
Scary times. All the news is focused on two failed banks this month, very little news about the linked banks under one ownership. We had money in First Republic but shifted the money out, as well as out of other major banks and moved most into a couple credit unions. Some money remains in Citibank and Chase, and we hope they are safe as we dip into a deeper recession.
The Mortgage Lender Implosion website still keeps up with the news.
At its peak, it might have shown 2 or 3 lenders busting every day. This did not make them many friends among the unstable financial markets.
Really? You have been around a long time...
Just click on my name. Should take you to my recent posts.
10 banks that may face trouble in the wake of the SVB Financial Group debacle
3/10/2023, 6:11:30 AM · 1 of 21
EBH
Customers Bancorp, First Republic, Sandy Spring, New York Community, First Foundation, Ally, Dime Community, Pacific Premier, Prosperity, Columbia Financial
IMO.... this is the result of rapid interest rate increases. ALL of these banks were loaded with long-term T-bills, at low rates. They’re all virtually worthless now. This isn’t a localized problem... it’s widespread. What it means is, the Fed will be annoucing a pause in rate hikes, very soon.. and, stocks will rocket up. But, most people will miss it because, they all went conservative because of the scare.
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