There are several regional banks under pressure... The market is looking for the next ‘domino’ to fall, keeping banks under pressure https://www.cnbc.com/2023/05/03/regional-banks-market-looking-for-next-domino-to-fall.html PacWest falls more than 20% as regional bank stocks slide to new lows https://www.cnbc.com/2023/05/02/pac...-regional-banks-stocks-slide-to-new-lows.html
Lot of banks some are bigger than small lost more than -50% within the last quarter. So these banks are vulnerable to short sellers and may go bankrupt. Whoever knows the next one is, it is a big short sellers game now and they might know that far better who is going to be bankrupt in near time.
PacWest falls 40% after hours on report bank is weighing sale https://www.cnbc.com/2023/05/03/pac...er-hours-on-report-bank-is-weighing-sale.html
I have typically have used a scanner within one of my brokerage accounts --- but it is very poor. Some of the third-party ones that have come into place like the one you are using seem to be much better.
The banking crisis isn’t over. But how bad will it get? https://apnews.com/article/pacwest-deposits-fed-regional-banks-e08b80e8f9f321c881a8b946172b1cdb
PacWest stock plunges as US regional banking woes worsen https://www.reuters.com/markets/us/...nce-hit-us-banking-concerns-widen-2023-05-04/ May 4 (Reuters) - Shares of PacWest Bancorp (PACW.O) plunged on Thursday, dragging other regional lenders down after the Los Angeles-based bank's plan to explore strategic options sparked investor worries of a widening financial crisis. PacWest's stock slumped more than 40% in afternoon trading, dropping to a record low. The bank had confirmed an earlier Reuters report on Wednesday that it was exploring strategic options, including a potential sale or capital raising. Western Alliance shares pared losses after plummeting by nearly 60% following a Financial Times report that the lender was exploring strategic options, including a potential sale of all or part of its business. Western Alliance denied the FT report, calling it "categorically false in all respects," and said it was weighing legal options against the newspaper. The bank's stock was down nearly 35% in afternoon trading. Western Alliance has been seeking to reassure investors about its financial stability. On Wednesday it said it had not seen unusual deposit outflows following the sale of collapsed lender First Republic Bank to JPMorgan Chase & Co (JPM.N) on Monday. First Republic's collapse, the third major casualty of the biggest crisis to hit the U.S. banking sector since 2008, rekindled a slide in shares of regional lenders this week despite regulatory efforts to staunch the turmoil that began with the collapse of Silicon Valley Bank in March. U.S. officials at the federal and state levels are assessing the possibility of "market manipulation" behind big moves in banking share prices in recent days, a source familiar with the matter told Reuters on Thursday. "Nobody knows where these banks should be trading at because what we saw with Silicon Valley Bank is that the fundamentals can change so quickly," said Tom Plumb, portfolio manager at Plumb Balanced Fund in Madison, Wisconsin. "This normally would have been a great opportunity to buy banks with premier regional presence and it may be, but the real concern is nobody knows what the rules are and what they are valued at," Plumb added. Zion Bancorp (ZION.O) shed 12% and Comerica (CMA.N) fell nearly 11%. KeyCorp (KEY.N) and Valley National Bancorp (VLY.O) were down 7% and 4%, respectively. The KBW Regional Banking index (.KRX) dropped 3.3%. Major U.S. banks were also losing ground on Thursday, with the S&P 500 Banks index (.SPXBK) falling nearly 3%. JPMorgan's shares fell 1.4%, while Bank of America (BAC.N) declined 3%. The common theme among the banking stocks that have sold off sharply is that they reported large deposit declines in the first quarter, said Truist Securities analyst Brandon King, while calling the selloff "overdone." PacWest Bancorp reported a loss of $1.1 billion attributed to shareholders for the first quarter of the year. Its shares have lost 72% of their value this year, making it one of the worst performers on the small-cap S&P 600 regional banks index (.SPSMCBNKS), which has lost a third of its value in the same period. In another sign of stress within the regional banking sector, First Horizon Corp (FHN.N) and Toronto-Dominion Bank Group (TD.TO) announced on Thursday that they agreed to terminate their $13.4 billion merger owing to uncertainty over securing regulatory approvals for the deal. First Horizon shares plunged 32% after the news, while U.S.-listed shares of Toronto-Dominion Bank gained nearly 0.5%. U.S. Federal Reserve Chair Jerome Powell on Wednesday reiterated the banking system remains resilient despite "strains" in March, after the central bank delivered a 25-basis- point rate hike and signaled a pause in its tightening cycle. Powell also said bank deposits had stabilized. "The Fed of course would react if a chaotic outflow of deposits from regional banks resumes," Citigroup analysts wrote in a note to investors. "That risk is more elevated after recent banking developments and can never be fully taken off the table."
Every bank in the KRE is in danger of being shorted to oblivion. Unless Yellen & Powell get their act together the Regionals are doomed. Yellen should be getting FDIC to remove the $250K deposit insurance limit. Powell should start lowering rates otherwise the loan book of the renionals will continue to deteriorate. Of course that won't help the inflation situation so it is a trade off.