Why Bank Of America (BAC) Shares Are Nosediving To A New 52-Week Low

Bank of America Corp BAC shares are trading lower by 5.42% to $28.63. Shares of several bank stocks are trading lower following the recent closure of Silicon Valley Bank SIVB and Signature Bank SBNY, the largest bank failures since 2008.

So What's Going On With Recent Bank Closures?

Our Benzinga team reported Sunday that U.S. regulators have taken decisive action to safeguard the country's banking system by shutting down New York-based Signature Bank, becoming the third financial institution to be shuttered after the collapse of Silicon Valley Bank and Silvergate Capital Corp.

The move aims to protect public confidence in the industry, and ensure the banking system continues to protect deposits and provide access to credit to households and businesses, promoting strong and sustainable economic growth.

The regulators said depositors at Signature Bank will have full access to their deposits...Read More

According to data from Benzinga Pro, BAC has a 52-week high of $44.63 and a 52-week low of $28.50.