Worst Performing Bank Stocks (DSL, FED, CORS, GRAN, NCC, BKUNA, VNBC)
The carnage and fallout from the Washington Mutual (NYSE: WM) failure on Friday was broad-based and very ruthless in the banking sector. Most companies had no news, yet speculation of exposure and related counterparty and credit default risk drove investors to sell almost all questionable banking names.
Bank Stock (Ticker) Close (drop and %) Volume
Downey Financial Corp. (DSL) $2.03 (-$1.87; -47.95%) 3,663,566
FirstFed Financial Corp. (FED) $10.04 (-$8.21; -44.99%) 1,972,956
Corus Bankshares Inc. (CORS) $3.75 (-$1.05; -21.88%) 993,442
Bank of Granite (GRAN) $4.50 (-$1.58; -25.99%) 65,354
National City Corporation (NCC) $3.71 (-$1.28; -25.65%) 326,015,615
BankUnited Financial (BKUNA) $0.79 (-$0.21; -21.00%) 1,200,562
Vineyard National Bancorp (VNBC)$1.10 (-$0.28; -20.29%) 81,173
There were also several REIT and other non-bank financial stocks that performed worse than some of these, but these were the banking related names that tanked after WaMu became Shamu.
Jon C. Ogg
September 27, 2008