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The unexpected demise of Signature Bank over the weekend, along with the failure of Silicon Valley Bank ignited a shoot-first-ask-questions-later reaction among regional-bank investors as customers moved deposits to the largest U.S. banks for perceived safekeeping, observers said Monday.
Stocks of regional banks such as First Republic Bank FRC, Western Alliance Bancorp WAL, PacWest Bancorp PACW and Zions Bancorp ZION dropped Monday, even after U.S. bank regulators set up a new emergency-loan program as a backstop for deposits.
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