A day after JPMorgan Chase (stock ticker: JPM) agreed to acquire First Republic Bank (FRC), other regional banks found their shares plummeting. It is not yet clear what is behind the sale.
In early trading Tuesday, shares of Beverly Hills-based Bacoist Bancorp (stock symbol: PACW) fell more than 20%, to $7. Western Alliance Bancorporation (WAL) in Phoenix fell 25% to $27.50. Small New York-based Metropolitan Bank Holdings (MCB) fell 24% to $20.35.
while…
A day after JPMorgan Chase (stock ticker: JPM) agreed to acquire First Republic Bank (FRC), other regional banks found their shares plummeting. It is not yet clear what is behind the sale.
In early trading Tuesday, shares of Beverly Hills-based Bacoist Bancorp (stock symbol: PACW) fell more than 20%, to $7. Western Alliance Bancorporation (WAL) in Phoenix fell 25% to $27.50. Metropolitan Bank Holdings, a small New York-based company
corp.
(MCB) down 24% to $20.35.
While the First Republic drama has found a resolution, investor concerns about regional banks have clearly not been resolved.
The SPDR S&P Regional Banking Exchange Traded Fund (KRE) fell 6.2% while the S&P 500 fell 1.4%.
(This is a developing story. Please check back soon for more details.)
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Write to Bill Albert at william.alpert@barrons.com