Signature Bank Stock Down 12% in Volatile Action as Sell-Off Continues

The broader banking sector is down another 4% on Friday.

AccessTimeIconMar 10, 2023 at 3:56 p.m. UTC
Updated Mar 10, 2023 at 5:59 p.m. UTC

Signature Bank (SBNY) shares fell as much as 30% in early trading on Friday as the reverberations of the Silvergate Bank collapse spread throughout the banking sector.

In volatile action SBNY quickly bounced back from plunge to be down by 12% at press time.

Silvergate Corp. (SI) announced its crypto-friendly bank would voluntarily liquidate its assets on Wednesday, having delayed the filing of its annual 10-K report owing to questions from its auditors and accountants over its figures. Shares are up 5% Friday, but are lower by 98% on a year-over-year basis.

While Silvergate's demise may have rung alarm bells for investors about the durability of banks with close ties to the crypto industry, the rout has spread to more traditional lenders. Most notably, SVB Financial Group (SIVB), the holding company of Silicon Valley Bank, is down more than 40% on Friday and now off just shy of 80% for the week. The tech-friendly lender earlier this week announced a loss of around $1.8 billion on a securities portfolio valued at $21 billion, prompting a share sale to shore up its capital.

The broad SPDR S&P Bank exchange-traded fund (KBE) – which counts banking giants Citigroup (C) and Bank of New York (BK) among its top 10 holdings – is down 4.3% Friday and 15% for the week. The country's four largest banks by assets (JPMorgan, Bank of America, Citigroup, Wells Fargo) lost a combined $52.4 billion in value on Thursday.


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Jamie Crawley is a CoinDesk news reporter based in London.

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