WAL - First Republic's Rescue and Dividend Triggers Regional Bank Sell-Off Today
2023-03-17 10:57:09 ET
Regional banks resumed their sell-off this morning as turbulent trading in the sector continued after the collapse of three banks last week.
Shares of First Republic (NYSE: FRC) traded nearly 21% lower at 10:27 a.m. ET. Meanwhile, shares of Western Alliance (NYSE: WAL) and PacWest Bancorp (NASDAQ: PACW) traded more than 12% lower.
First Republic, Western Alliance, and PacWest have been under the microscope since SVB Financial (NASDAQ: SIVB) , the parent company of Silicon Valley Bank, was put into receivership by the Federal Deposit Insurance Corporation (FDIC) last Friday. That's because, like SVB, all these banks have exposure to the tech and venture capital sectors, as well as a lot of uninsured deposits that could be flighty.
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First Republic's Rescue and Dividend Triggers Regional Bank Sell-Off Today