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Comerica , a regional bank in Dallas, said its deposits fell 9% during the first three months of the year. Zions ( ZION ), a Salt Lake City lender, said they dropped 3.4%.
The share price of PacWest had fallen sharply on 3 May after the bank announced that it was 'considering strategic options including a sale'. On 4 May share trading was suspended as the sell-off marked a further 42% loss with other US regional banks, including First Horizon, Metropolitan Bank and Western Alliance, also being affected. [118] [119]
A sizable drop in profits at many regional banks in the fourth quarter was a reminder of how challenging 2023 was. The problem is 2024 may not be much better.
Regional banks that announced bond sales in recent weeks include Pittsburgh-based PNC Financial Services Group and Charlotte-based Truist , two of the top 10 biggest lenders in the US, along with ...
The boss of the sixth-largest lender in the US is making it clear that he no longer wants it to be viewed as a regional bank. On a conference call with analysts last week, PNC Financial Services ...
In the second quarter of 2024, there were 3,985 commercial banks and 554 savings and loan associations in the U.S. insured by the Federal Deposit Insurance Corporation (FDIC) with US$23.9 trillion in assets.
"The 2023 situation was another manifestation, another endorsement of the big-bank business model, and really, it's sort of damning for the regional banks with a niche business model," Steven ...
The definition of what constitutes a regional bank is not precise, although the Federal Reserve describes it as an organization "with total assets between $10 billion and $100 billion". [ 5 ] The term is often used in the United States where regional banks are more common and within stock trading, when referring to investing in different bank ...