Truist, other banks in Charlotte once again battered on stock market

CHARLOTTE — Once again, Charlotte’s biggest banks are taking a beating on the stock market — and none more so than Truist Financial, which lands in the midsize, regional category of financial institutions widely seen as more risky than larger counterparts.

Shares of Truist closed at $29.12 on Tuesday, down 7.6% from Monday’s close at $31.52. But the stock was down Monday, too, and has yet to recover from its plunge in mid-March, when Silicon Valley Bank and Signature Bank collapsed. In fact, Tuesday’s drop takes the stock lower than it was priced on March 13, the first day of trading after SVB’s failure on March 10.

But Truist is far from alone. Regional bank stocks are down across the board, hitting new lows a day after the seizure and sale of First Republic Bank — the third bank failure this year and the second-largest ever.

See how the Charlotte market’s top 10 banks fared in Tuesday trading here.

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