US Regional Bank Stocks Crash – PacWest Down 30%, Western Alliance Down 25%, Metropolitan Bank Down 21%

On Monday JPMorgan Chase CEO Jamie Dimon announced the banking crisis was over.

This was after JPMorgan Chase was allowed to purchase the assets from failed First Republic Bank.

On Tuesday, stocks plunged for several regional banks.

1. PacWest, $PACW: -30%

2. Western Alliance, $WAL: -25%

3. Metropolitan Bank, $MCB: -21%

4. HomeStreet, $HMST: -15%

5. Zions Bank, $ZION: -10%

6. KeyCorp, $KEY: -7%

7. HarborOne, $HONE: -6%

8. Citizens Financial, $CFG: -5%

Via The Kobeissi Letter.

The worst is NOT over.

It was another rough day for banks.
Via Reuters.

Los Angeles-based PacWest tumbled by more than 27%. It is ranked 53rd among U.S. lenders with $41.2 billion in assets as of the end of last year, according to Federal Reserve data.

Phoenix, Arizona-based lender Western Alliance, the No. 40 U.S. bank with $68 billion in assets, sank 15% while Cleveland, Ohio-based KeyCorp (KEY.N), the 20th largest bank with $188 billion in assets, fell 9%.

Comerica (CMA.N), a Dallas, Texas-based bank ranked 37th among U.S. lenders with $86 billion in assets, shed 12%. Columbus, Georgia-based Synovus Financial Corp (SNV.N), with $60 billion in assets and ranked the 42nd U.S. biggest bank, lost nearly 7%.

Valley National Bankcorp (VLY.O), which owns Valley National Bank based in Passaic, New Jersey and is the 43rd largest lender with $57 billion in assets, closed 3% lower after shedding more than 20% on Monday.

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Thanks for sharing!