(Dinarian Note: The SVB event is just one of many dominos falling, it will accellerate, GET YOUR MONEY OUT OF THE BANKS YESTERDAY... Whats the worst case scenerio, you put it back down the road?)
Boston-area banks have experienced a decline in share prices since Wednesday, with several falling by more than 10% and at least one down by over 30% as of market close on Friday.
The decline was prompted by the collapse of Silicon Valley Bank (SVB), whose shares had fallen by 60% before trading was halted on Friday morning. Federal regulators ultimately shut down SVB around noon on Friday.
Although SVB had a significant presence in the Boston area due to its acquisition of Boston Private Financial Holdings Inc. in 2021, other local banks were also affected by the sudden downturn. The following is a list of several banks on the Boston Business Journal’s 2022 ranking of the 25 largest banks in Massachusetts by total deposits, all of which experienced declines over three days from Wednesday to Friday. For comparison, the S&P 500 was down just over 3% over the same duration.
- First Republic Bank (NYSE: FRC), the sixth largest in Massachusetts, saw its shares fall by 29% since Wednesday morning. The company's market capitalization was just under $15 billion as of Friday.
- Shares of the parent company of Webster Bank (NYSE: WBS), based in Stamford, Connecticut, were down 14%. Webster ranked 21st in the state with $2.7 billion in deposits in December 2022.
- The parent company of Citizens Bank (NYSE: CFG) saw its shares decline by 11%. Citizens is based in Providence, Rhode Island and is the second-largest bank in the state with $54 billion in deposits as of December 2022.
- Bank of America (NYSE: BAC), the largest bank in the state with $112 billion in deposits in 2022, was down 8.5%.
- Santander Bank (NYSE: SAN), the third-largest in Massachusetts with $27.3 billion in local deposits, was down 4.8%.
- Eastern Bank (Nasdaq: EBC), which ranked fifth in the state with $18.9 billion in deposits last year, was down 10.4%.
- Shares of Buffalo, N.Y.-based M&T Bank (NYSE: MTB), the eighth-largest in the state with $8.8 billion in Massachusetts deposits in 2022, was down 8.7%.
- The parent of Berkshire Bank (NYSE: BHLB), the state’s ninth-largest with $6.9 billion in deposits in December 2022, was down 6.9%.