One half of the country is experiencing the banking turmoil of 2023 quite differently than the other half.
Three of the four banks that collapsed so far this year were in one state: California. Two of them were headquartered roughly 45 miles apart in San Francisco and Santa Clara.
The other regional banks under the most scrutiny from investors in 2023 are also clustered near the West Coast. Stocks of PacWest (PACW), Western Alliance (WAL), Zions (ZION) and HomeStreet (HMST) – mid-sized lenders based in Beverly Hills, Calif., Phoenix, Salt Lake City and Seattle – are down between 40% and 79% year to date.