Regional banks, usually a financial segment as boring as most of their names, have become one of the hottest topics in the financial news the last few months. And for bad reasons. First, Silicon Valley Bank, a major player in the tech world, nearly collapsed following a run. First Citizens eventually bought out SVB, as the bank was known.
Then came the collapse of Signature Bank, a New York institution that made a name for itself by catering to the cryptocurrency crowd. Flagstar bought up what was left after Signature’s fall. First Republic Bank was next. Another California institution, it targeted a similar customer base to SVB and suffered the same problem as those customers withdrew money to chase higher returns elsewhere. JPMorgan Chase gobbled up that one.