Truist, other Charlotte-area bank stocks pummeled in wake of SVB collapse
In the midst of turmoil that started with the collapse of Silicon Valley Bank late last week, financial institutions in Charlotte took a beating on the stock market Monday.
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That’s despite President Joe Biden’s attempt to reassure depositors that the banking system — and their funds — are safe. Federal regulators seized control of SVB on the morning of Friday, sending shockwaves through the financial industry as well as the startups and tech sector the California-based bank served. By Sunday, Signature Bank out of New York had fallen, too, with regulators rolling out emergency measures to guarantee deposits.
Regional banks have been hit the hardest in the rout, though institutions on the larger and smaller ends of the spectrum have been dragged down as well. Shares of Charlotte-based Truist Bank, for example, ended Monday at $32.24, down 17% from Friday’s close.
Check out a snapshot of how banks with a Charlotte presence fared here.
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