Shares of Bank of America Corp., Citigroup Inc., Regions Financial Inc. and just about every other banking company plunged Thursday as concerns about a double-dip recession sent financial markets tumbling.
Though banks fared better than companies in some other sectors in the Wall Street bloodbath, the 24 banks that make up the KBW Bank Index were all down sharply for the day, and several, including B of A, Comerica Inc., Bank of New York Mellon Corp., and People's United Financial Inc. closed at or near their 52-week lows.
In all, the KBW Bank Index declined 5.3% to close at 42.34, just three points above its 52-week low.
The broader KBW Regional Bank Index lost 4.6%, to close at 47.70.
Among the day's biggest losers were B of A, Huntington Bancshares Inc., Zions Bancorp and Regions, all of which lost more than 7% of their value. Close behind were Citi, SunTrust Banks Inc., Fifth Third Bancorp and Capital One Financial, each of which fell at least 6%.
Small banks were not spared, either. The $1.6 billion-asset BankFinancial Inc. in Illinois closed at a 52-week low of $8.01 even after it reported a $1 million profit for the second quarter, while International Bancshares Inc. lost 4.7% of its value despite announcing a potentially lucrative new credit-card partnership with Elan Financial Services.
At least one banking company was in positive territory for the day. TFS Financial Corp. in Cleveland saw its stock jump 1% Thursday, to $9.38, after it announced earnings that beat analysts' estimates by a penny.
