Why First Republic, Western Alliance, and PacWest Bancorp Shares Are Rocketing Higher Today
Shares of several regional banks that came under intense selling pressure on Monday rebounded Tuesday as investors shook off the jitters from recent bank runs and failures over the past week.
Shares of First Republic Bank (NYSE: FRC) traded close to 58% higher as of 10:53 a.m. ET on Tuesday. Meanwhile, shares of Western Alliance Bancorp (NYSE: WAL) traded roughly 47% higher, and shares of PacWest Bancorp (NASDAQ: PACW) were up 52%.
Crypto bank Silvergate Capital (NYSE: SI) announced that it would wind down its operations and liquidate its assets last Thursday. Then SVB Financial Group (NASDAQ: SIVB) experienced a run on its Silicon Valley Bank, which was put into receivership on Friday. On Sunday, state regulators closed New York multifamily lender and crypto bank Signature Bank (NASDAQ: SBNY).
Source Fool.com
