The Bankpocalypse continues... but much quieter

 First of all, I looked up the term "Bankpocalypse" yesterday, just as a joke.  There were 665 results.  Today there were 340 results.  It appears someone is scrubbing the term from Google Search results.  For real.  To put that in perspective, my first name is Steve, and I googled "Stevepocalypse," which is absurd, and not likely to very popular, unless you hate all guys named Steve.    There were 1,030 results.  Three times as many as Bankpocalypse.  Hmmmmm...

First Republic Bank- Despite a $30 billion cash infusion last week, deposited in the bank by several major banks, for 120 days, the bank's stock continued to tank today.  It closed at $12.18, down more than $20 from last week, and down 89.4% from it's March 8, 2023 price of $115.  So they are still struggling to straighten out things, and restore confidence in depositors.  

Western Bancorp- Their stock is about where it was last Friday, closing at $18.12, down about 6% from March 8th, and down from about $25 at the beginning of 2023.  

Pac West Bancorp- Their stock is also about where it was last Friday at market close, down about 61.8% since March 8, 2023.  The stock went from $26.68 on the 8th to 10.12 today.  

To put these regional bank stocks in perspective, Wells Fargo stock, one of the Big 5 banks, is down 19.6% since March 6th, 2023.  Banks at all levels have taken a hit.  J.P. Morgan, Goldman Sachs, and CitiGroup are all still down a fair amount, 10% or more, as well, since March 6th.  

The $494.9 billion dollars loaned to the banks of the U.S. last week seems to have helped the stock market today, but not the banks as much as I would have expected.  

Blogger's Note- The Next Day- 3/21/2023- There's some crazy blurb on the CNBC site saying First Repbublic stock is up 50%.  This morning the stock rose from $12 and change to $16 and change right now.  The stock chart still looks like a cliff, and New Republic's stock is still down 90% in the last year.  Here's the chart.  

Blogger's note- 3/23/2023- According to this CNBC article today, more than $70 billion more has been loaned to banks in the last couple days.  Some through the new BTFP program, and more to the closed down banks.  That puts the total to bailout well over half a trillion dollars within two weeks of the beginning of the bank crisis.  The stock market indicies were up today, with major banks down some, and First Republic stock holding steady  now.