The sector jitters come after a period of relative calm, and could tighten credit availability across America and hurt growth.
Western Alliance Bank fell 30 per cent. Zion Bancorporation, Comerica and First Horizon each slumped more than 7 per cent and the SPDR S&P Regional Banking ETF dropped 5 per cent.The crisis in US regional banks began in March, when a rapid social media-driven run on Silicon Valley Bank led to its abrupt closure and sent depositors across regional banks fleeing to the safety of the largest institutions. The crisis forced regulators to step in with emergency measures.
Shares of several regional banks fell after First Republic deal, which was announced on Monday , with the KBW Regional Banking Index closing on Wednesday at its lowest level since December 2020. On Wednesday a source said the lender was looking at options that include a potential sale or capital raise.
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