Trading Halted for Multiple Bank Stocks as Market Opens with Bloodbath

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Actions by federal regulators to boost investor confidence in bank stocks appear to have had little impact, as exchanges stepped in to halt trading in four stocks Monday morning due to “volatility.”

The four stocks halted were PacWest Bancorp, Zions Bancorporation, First Republic Bank and Regions Financial.

First Republic’s shares were down nearly 75 percent shortly after markets opened after dropping by what Bloomberg said was “a record 67% at the open before trading halted.”

In an attempt to keep the sudden collapse of Silicon Valley Bank last week from causing widespread panic across the national banking system, the Treasury Department, Federal Deposit Insurance Corporation and the Federal Reserve stepped in with what Axios described as “aggressive new actions.”

Following the trading halts, U.S. stocks in general began moving in a positive direction. The Dow Jones Industrial Average of stocks was up about 0.7 percent at 11:30 Eastern Monday morning.

The federal agencies cited “systemic risk” to the industry in guaranteeing all SVB depositors fully, despite the normal $250,000 limit on deposit insurance.

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