The market definitely thinks there are more banks that will be run on.

Here's the 7 banks with the largest decline in the market in the last two weeks.

1/🧵

We have:

SVB Financial Group (SIVB) (-60%)
PacWest Bancorp (PACW) (-54%)
Signature Bank (SBNY) (-36%)
Western Alliance Bancorp (WAL) (-32.4%)
First Republic Bank (FRC) (-31.3%)
Customers Bancorp Inc (CUBI) (-23.5%)
First Foundation Inc (FFWM) (-20.3%)

2/

But they're not alone! Several banks experiencing 15-20% declines:

3/

Notably, the huge banks (JP Morgan, Bank of America, Wells Fargo) are doing just fine, as commentators have predicted (such as @matt_levine ).

4/

What is striking is that small / low depost banks have had limited declines, and big / large deposit banks have had similar. It's mainly a hollowing out of the the middle.

fin/

P.S. this is just replicating the same analysis, more or less, from what I did in this paper with Tanju Yorulmazer studying a bank run in 2008:

link.springer.com/article/10.1007/s10693-009-0079-2

Looking at the morning opens compared to Friday's close, looks like some banks are still in trouble: