These are the bank stocks and ETFs taking the biggest hit following the collapse of Silicon Valley Bank

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Published on March 13, 2023 | 4 min read

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Bank stocks and funds have been under extreme pressure in recent days following the collapse of SVB Financial last week and Signature Bank over the weekend. The federal government stepped in to reassure markets, agreeing to back 100 percent of deposits held at the failed banks while saying that investors in the companies’ stocks and bonds would not be bailed out.

The news has weighed heavily on other regional banks, with many stocks falling more than 20 percent in just the past few days. Exchange traded funds, or ETFs, that invest in the banking sector have also been hit hard. Here are some of the bank stocks and ETFs that have declined most in the wake of the SVB collapse.

S&P 500 bank stocks with major declines after SVB collapse

*Note: Prices as of mid-day trading on Monday March 13, 2023

First Republic Bank (FRC)

First Republic Bank was founded in 1985 and offers private banking to both individuals and businesses through a variety of services such as residential, commercial and personal loans and private wealth management. First Republic has offices in San Francisco, Palo Alto, Los Angeles and San Diego and other areas with high net worth clients.

Closing stock price on March 8, 2023: $115.00
Stock price on March 13, 2023: $24.07
Percentage decline: 79 percent

KeyCorp (KEY)

KeyCorp was created in 1958 and provides a range of banking services such as retail and commercial banking, student loan refinancing, investment management and consumer finance. The Cleveland-based bank operated 972 branches across 15 states at the end of 2022.

Closing stock price on March 8, 2023: $17.31
Stock price on March 13, 2023: $11.92
Percentage decline: 31 percent

Zions Bancorp (ZION)

Zions Bancorp held total assets of about $90 billion at the end of 2022 and provides banking services to customers primarily in 11 Western states including California, Arizona and Colorado. The Salt Lake City-based bank employed nearly 10,000 people at year-end 2022 and operated more than 400 branches.

Closing stock price on March 8, 2023: $46.68
Stock price on March 13, 2023: $32.42
Percentage decline: 31 percent

Comerica Inc. (CMA)

Comerica is a Dallas-based financial services company that owns two banking subsidiaries and 28 non-banking subsidiaries. Comerica primarily operates in Texas, California and Michigan and held about $71.4 billion in deposits at year-end 2022.

Closing stock price on March 8, 2023: $67.30
Stock price on March 13, 2023: $47.15
Percentage decline: 30 percent

Charles Schwab (SCHW)

Charles Schwab is a financial services company that engages in wealth management, securities brokerage, banking, asset management, custody and financial advisory businesses. As of the end of February 2023, Schwab held $7.38 trillion in client assets and more than 80 percent of its banking deposits were within FDIC insurance limits.

Closing stock price on March 8, 2023: $76.20
Stock price on March 13, 2023: $53.44
Percentage decline: 30 percent

Fifth Third Bancorp (FITB)

Fifth Third Bancorp is a Cincinnati-based bank that held $207 billion in assets as of year-end 2022. The company operates more than 1,000 branches and does business in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina.

Closing stock price on March 8, 2023: $33.69
Stock price on March 13, 2023: $26.28
Percentage decline: 22 percent

Huntington Bancshares (HBAN)

Huntington is a Columbus, Ohio-based bank that provides services such as mortgage banking, auto and RV financing, investment banking and insurance. The bank operated more than 1,000 full-service branches at the end of 2022 and primarily does business in Ohio, Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Pennsylvania, West Virginia and Wisconsin.

Closing stock price on March 8, 2023: $14.44
Stock price on March 13, 2023: $11.49
Percentage decline: 20 percent

Financial ETFs with major declines after SVB collapse

*Note: Prices as of mid-day trading on Monday March 13, 2023

iShares U.S. Regional Banks ETF (IAT)

This fund aims to track the investment results of an index comprised of U.S. regional banks. Holdings as of March 10, 2023 included PNC Financial Services, Fifth Third Bancorp, Huntington Bancshares and First Republic Bank.

Closing price on March 8, 2023: $47.45
ETF price on March 13, 2023: $36.80
Percentage decline: 22 percent

Invesco KBW Bank ETF (KBWB)

This ETF invests based on the KBW Nasdaq Bank Index, which tracks companies involved in U.S. banking activities. Top holdings as of March 10, 2023 included Citigroup, JPMorgan Chase, Capital One Financial and Huntington Bancshares.

Closing price on March 8, 2023: $53.49
ETF price on March 13, 2023: $43.03
Percentage decline: 20 percent

Invesco KBW Regional Banking ETF (KBWR)

This fund invests based on the KBW Nasdaq Regional Banking Index, which tracks U.S. stocks of regional banking and thrift companies. Top holdings as of March 10, 2023 included Commerce Bancshares, Webster Financial, BOK Financial and Texas Capital Bancshares.

Closing price on March 8, 2023: $55.97
ETF price on March 13, 2023: $50.50
Percentage decline: 10 percent

Financial Select Sector SPDR Fund (XLF)

This more diversified ETF tracks the Financial Select Sector Index and aims to represent the financial sector of the S&P 500 Index. It holds companies involved in a variety of financial activities including banking, insurance, capital markets and real estate. Top holdings as of March 10, 2023 included Berkshire Hathaway, JPMorgan Chase, Bank of America and Goldman Sachs.

Closing price on March 8, 2023: $34.96
ETF price on March 13, 2023: $32.30
Percentage decline: 8 percent

Bottom line

As the crisis continues to unfold, shares of companies involved in the banking sector will continue to be volatile. ETFs will provide relative stability compared to individual stocks because of their more diversified nature. Broadly diversified funds such as those that track the S&P 500 will provide the most protection because they hold companies across the economic spectrum, not just those involved in banking or financial market activities.

Editorial Disclaimer: All investors are advised to conduct their own independent research into investment strategies before making an investment decision. In addition, investors are advised that past investment product performance is no guarantee of future price appreciation.