Regional Bank Stocks Rebound
First Republic stock went up 57% on Tuesday after concerns eased over potential contagion
- Written by Banking Exchange staff
First Republic stock went up 57% on Tuesday after concerns eased over potential contagion. Overall, regional bank stocks rose by 8 percent.
PacWest was also among the stocks that had a dramatic rebound Tuesday morning as it rose by 52%.
Overall, public financial institutions of all sizes rose, but the regional banks received the best bounce after a brutal Monday.
Federal regulators helped to ease the markets on Sunday in announcing that the government was backstopping deposits at defunct Signature Bank and Silicon Valley Bank.
Widespread bank withdrawals were not reported, which also helped to stabilize the price of bank stocks on Tuesday.
The bank stock rally took place despite widespread long term concern among analysts focused on the banking industry.
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