Zions Bank shares rebound after a day of market turbulence
The Utah-based financial institution sees shares up 14% in early trade.
Shares in Zions Bancorp rallied Tuesday after suffering severe stock losses for a host of regional banks the day before, sparked by several high-profile bank failures.
Zions’ stock was $34.2 on Tuesday afternoon, up 14% after Monday’s close of $29.97, down 25.7%, its biggest one-day decline in three years.
Monday’s fall came after federal regulators Sunday decided to take control of New York’s Signature Bank after California’s tech-focused Silicon Valley bank collapsed.
Fearing the instability could spread, nervous investors punished a variety of financial stocks as regulators stepped in to guarantee deposits.
Utah-based Zions and three other banks – First Republic Bank, a San Francisco-based regional bank; PacWest Bancorp, headquartered in Beverly Hills; and Regions Financial, headquartered in Alabama — all saw trading in their shares temporarily suspended due to volatility on Monday.
Zions Bank President and CEO Scott Anderson assured customers Monday that Zions does not have the same financial vulnerabilities that triggered the collapse of other banks and remains in strong financial health, with “access to tens of billions of dollars at readily available liquidity”.
https://www.sltrib.com/news/2023/03/14/zions-bank-stocks-rally-after-day/ Zions Bank shares rebound after a day of market turbulence