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There are various parts of financial planning that should be influenced by a person’s health, says certified financial planner Carolyn McClanahan.
Someone in poor health or with medical problems should have an entirely different plan from a person who is healthy, she says.
For example, your life expectancy — and therefore how much you need to have in retirement savings — should reflect your health.

Natalia Gdovskaia | Moment | Getty Images

When you consider health as part of a financial plan, you may think in terms of insurance premiums and related out-of-pocket costs like copays.
While those expenses matter, your health should influence far more than a single line item in a budget, according to certified financial planner and physician Carolyn McClanahan, founder of Life Planning Partners in Jacksonville, Florida. 

“It’s way more than that,” said McClanahan, who also is a member of CNBC’s Financial Advisor Council. “A healthy person needs a totally different [financial] plan from someone who has health issues.”

For example, McClanahan said, someone with significant medical problems — and therefore lower life expectancy — likely doesn’t need to plan to stretch out their retirement savings until age 100.
“That’s asking them to save too much, and they’re missing out on life now,” she said.

Insurability can become a problem

Additionally, there are types of insurance that can be hard to get — if not impossible — once you have a health condition, McClanahan said.
“A person with health issues or at risk for them needs to think more deeply about their insurance,” she said.

For instance, if you are young but have, say, a significant risk factor for diabetes, life insurance generally would be less expensive now than it would be if you were to apply after developing the disease. 

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The same goes for short-term and long-term disability insurance, which replaces lost income if you experience a health event that makes you unable to work. Even if you can get this insurance after developing a medical problem, insurers sometimes impose coverage exclusions for preexisting conditions. 
Additionally, many people who consider long-term care insurance don’t do so until they are near or in retirement, McClanahan said. Long-term care involves help with everyday living activities, such as bathing and dressing, which many older people end up needing later in life.
However, by that point, they may have developed a health condition that makes such insurance coverage cost prohibitive or impossible to get. It’s best to think about those possible expenses further in advance — ideally in your 40s or 50s, McClanahan said.

Estate planning is crucial if you have health issues

Also, while everyone can benefit from having an estate plan so that your wishes are carried out, a person with health issues needs to prioritize end-of-life planning, McClanahan said.
In addition to having a will that says who gets your belongings and other various assets — and confirming beneficiaries on accounts are the intended recipients — an estate plan should include a living will. This document outlines the health care you want and don’t want if you become unable to communicate those desires yourself.
You also should have powers of attorney assigned to trusted individuals for health care and, separately, your finances. Those people would make decisions on your behalf if you were to become incapacitated.
“Everyone needs those documents, but especially if you have significant health issues,” McClanahan said.

Your use of health care should be considered

As for budgeting for expenses directly related to tending to various aspects of your physical and mental well-being, it helps to think about what type of health-care user you are. 
“You have people who rarely go to the doctor about anything, but then you have people who go to the doctor for everything, so that [use] drives health-care costs more than anything,” McClanahan said.
“If you know how you use health care, you can better build that into your cash flow projections,” she said. More

Having multiple credit cards and playing the rewards game can save you hundreds of dollars each year — if you’re smart about how you use the cards.
“The big fork in the road is whether or not you carry a balance,” said Ted Rossman, senior analyst at Bankrate.com and Creditcards.com. “I think you should use your credit card for everything because rewards are great. They can really add up over time. You get better buyer protections, better fraud protections.

“The one big downfall of credit cards is the high interest rates,” he added. “But if you’re paying in full and avoiding those, then yeah, credit cards are great.”
Chasing rewards can land you some substantial sign-up bonuses like the Capital One Venture Rewards credit card’s 75,000 miles or Chase Ink Business Unlimited’s $900 cash back.
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Those who use credit cards responsibly and don’t maintain balances typically save $300 to $400 each year. Rossman earned $1,701 in credit card rewards in 2022. But getting the most out of your credit cards depends on your spending habits — and finding the perks that would save you the most money.
“If your family spends a lot on groceries, get a card that gives 5 or 6% cash back on groceries,” said Rossman. “That’s a really nice inflation buster right there.

“Maybe consider a second card that’s just a solid flat rate, something like 2% cash back on everything,” he added.
The rewards that get the most attention are often travel related, he said: perks like free or discounted flights, hotels, rental cars, airport lounge access, priority passes, and TSA PreCheck, Global Entry or Clear. Redeeming rewards for merchandise, by contrast, will likely not get you the most bang for your buck.

Don’t chase rewards if you carry a credit card balance

More than 80% of Americans have at least one credit card.
Anh Tran, a certified financial planner and managing partner at SageMint Wealth in Irvine, California, recommends having two credit cards, or three if you’re a business owner: one for primary expenses, a second as a backup and a third to keep business expenses separate.
But if you’re not someone who can pay off your balance before it’s due, she doesn’t recommend you have a credit card at all.
“Paying 20% interest on a balance that you’ve accumulated and then you pay interest on top of that, I mean, that’s a really big hole that you’re continuing to dig and it’s going to be really hard to get out of if you don’t pay your credit card balance,” Tran said.
Americans own four cards on average but not being able to pay off the balance in full every month can be damaging to your credit score and wallet.
Americans’ collective credit card balances reached $986 billion in the last quarter of 2022, according to the Federal Reserve Bank of New York. Those contributing to that debt should not be using credit cards because the interest rates they’re paying outweigh any card rewards.
How much money you save using credit cards depends on your lifestyle and how you play the game. That is, of course, assuming you’re using them responsibly.
Watch the video above to learn more.

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In some cases, students can complete one to two years of college coursework by the time they finish high school, a type of dual enrollment known as “early college.”
That can take two years off the cost of a bachelor’s degree, effectively cutting the tab in half, not to mention the student loan debt.

How ‘early college’ programs work

In some cases, students can complete an associate’s degree by the time they finish high school, a type of dual enrollment known as “early college.”
Unlike Advanced Placement, another program in which high school students take courses and exams that could earn them college credit, dual enrollment is a state-run program that allows students to take college-level classes, often through a local community college, while they are still in high school.

These programs are not restricted to high school students on a specific — and often accelerated — academic track, as many AP classes are.
At least 35 states have policies that guarantee that students with an associate’s degree can transfer to a four-year state school as a junior.

That shaves two years off the cost of a bachelor’s degree, effectively cutting the tab in half, not to mention the student loan debt.
Early college students are also more likely to enroll in college and earn a degree compared with their peers who were not enrolled in early college programs, according to one study by the American Institutes for Research.
“Our research shows that early colleges are an effective way to increase rates of college-going and college completion, and that the return on the investment in these programs is positive for both the student and society at large,” said Kristina Zeiser, AIR’s principal researcher.
Although there are up to 900 early college programs nationwide, according to Zeiser, many are still under the radar. 

Hill Street Studios | Getty Images

‘A 21st century approach’ to prepare kids for college

“Early college programs are not trying to make front-page news,” said David Martinez, principal of the Early College High School in Costa Mesa, California.
Early College High School is a Title I school in the Newport-Mesa Unified School District, which means there is a high percentage of low-income students. Funding is provided by the district and the state. “Parents don’t pay a dime,” Martinez said.
Students take a mix of high school- and college-level courses, shortening the time it takes to complete a high school diploma and one to two years of college coursework.

Families need a 21st century approach to prepare their kids for college, and this is one of the ways to do it.

David Martinez
principal of the Early College High School in Costa Mesa, California

“Families need a 21st century approach to prepare their kids for college, and this is one of the ways to do it,” Martinez said.
Nearly two-thirds of community college dual enrollment students nationally were from low- or middle-income families, according to an earlier study from Columbia University’s Teachers College.
Of those students, 88% continued on to college after high school, and most earned a degree within six years.
“It’s a very smart way to start your higher education,” said Martha Parham, senior vice president of public relations at the American Association of Community Colleges.

Arrows pointing outwards

Over four years, early college programs cost about $3,800 more per student than traditional high school, according to another study by AIR.
However, the estimated return on that investment is about $33,709 in increased lifetime earnings.
“Getting an associate’s degree for free can really put you on a path where everything seems more feasible,” Zeiser said.
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Customers at Silicon Valley Bank and Signature Bank are expected to have access to their funds Monday after the federal government took over the two institutions.
If your own bank failed, could you expect the same?
Here’s how to check whether your deposits are insured.

A man walks by the headquarters of Silicon Valley Bank on March 10, 2023 in Santa Clara, California.
Liu Guanguan | Getty Images

Most consumers have FDIC coverage

The FDIC was created in 1933 following thousands of bank failures. Since coverage began in 1934, no depositor has lost insured funds due to a bank failure. The independent government agency is funded by premiums paid by banks and savings associations.
The limit for FDIC coverage is $250,000 per depositor, per bank, in each account ownership category.
“The majority of Americans are going to be covered by FDIC insurance because most Americans have less than $250,000 in a specific bank account,” said Ted Jenkin, a certified financial planner and CEO and founder of oXYGen Financial, a financial advisory and wealth management firm based in Atlanta. He is a member of CNBC’s Financial Advisor Council.

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The amount of insurance is based on legal ownership name, according to Jude Boudreaux, a CFP and senior financial planner at The Planning Center in New Orleans, who is also a member of CNBC’s Financial Advisor Council.

For example, a married couple with a business may have up to $250,000 insured in an account in one spouse’s name, up to $250,000 insured in an account in the other spouse’s name and up to $250,000 insured in a business account.

How to check, boost FDIC coverage

If you want to know whether your deposits are FDIC-insured, check your statement, Jenkin said.
“If you’re going to a bank or you’re putting your cash anywhere, that’s the first question you want to ask, ‘The money I’m depositing now, is it FDIC-insured?'” Jenkin said.

The majority of Americans are going to be covered by FDIC insurance.

Ted Jenkin
CEO of oXYGen Financial

You may also check the FDIC’s Electronic Deposit Insurance Estimator to see whether your funds are insured at your institution and whether any portion exceeds coverage limits.
One way to boost your FDIC coverage is to open accounts at other banks, particularly if you have more than $250,000 in deposits, Boudreaux said.
If you want additional coverage, you may also want to talk to your current bank, Boudreaux suggested. In some cases, they may work with other FDIC-insured institutions to have larger cash deposits protected and insured.

What FDIC insurance covers:

Checking accounts

Negotiable order of withdrawal (NOW) accounts

Savings accounts

Money market deposit accounts (MMDAs)

Time deposits such as certificates of deposit (CDs)

Cashier’s checks, money orders, and other official items issued by a bank

What FDIC insurance does not cover:

Stock investments

Bond investments

Mutual funds

Crypto assets

Life insurance policies

Municipal securities

Safe deposit boxes or their contents

U.S. Treasury bills, bonds or notes (These investments are backed by the full faith and credit of the U.S. government).

Source: FDIC

Other financial safety nets also offer protection

Treasury bills are also a strong option now, as short-term bills currently have a good yield and are backed by the full faith and credit of the U.S. government. “They’re as good as it gets from a safety standpoint,” Boudreaux said.
Not all accounts provide FDIC coverage, Jenkin noted. For example, a brokerage account opened with a financial advisor will likely be covered by the Securities Investor Protection Corporation, or SIPC.
Under FDIC coverage, you will be refunded dollar for dollar if your bank fails, plus any interest earned up to the date of the default.
Under SIPC, if something happens to your brokerage firm, you are covered for up to $500,000, with a $250,000 limit for cash.
However, protection under SIPC is limited and notably does not provide protection if your securities decline in value. More

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Despite the Silicon Valley Bank and Signature Bank failures, most consumers don’t need to worry about bank deposits, experts say.
The standard coverage from the Federal Deposit Insurance Corporation is $250,000 per depositor, per bank, for each account ownership category.
The bigger risks to investors may be exposure to tech and regional banks, but advisors are warning clients not to make emotional money moves.

A customer stands outside of a shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara, California.
Justin Sullivan | Getty Images

After two bank failures and dramatic moves from U.S. regulators to protect depositors, financial advisors have a message for consumers: Don’t panic.
The U.S. government on Sunday approved plans to safeguard depositors and financial institutions affected by the collapse of Silicon Valley Bank on Friday. As a result, consumers will have full access to funds from SVB and from Signature Bank in New York, which regulators also shut down Sunday.

The Federal Reserve is also creating a Bank Term Funding Program to secure institutions affected by the instability sparked by the SVB failure.

While futures initially jumped Sunday evening following the announcement from regulators, bank stocks fell as the market opened Monday.
“Every American should feel confident their deposits will be there if and when they need them,” President Joe Biden said Monday in an address aimed at easing fears about the U.S. banking system.

Most consumers don’t need to worry about deposits

Lee Baker, a certified financial planner and owner of Apex Financial Services in Atlanta, said most consumers don’t need to worry about their bank deposits.
The standard coverage from the Federal Deposit Insurance Corporation is $250,000 per depositor, per bank, for each account ownership category, such as single or joint account holders. And you can split cash among ownership categories and banks to avoid exceeding the limits, Baker said.

We’re not about to head down the road of 40% broad market decline.

Owner of Apex Financial Services

‘A cautionary tale’ on diversification

However, the bigger issue for some investors may be exposure to the financial sector. While some may have a smaller slice of exposure through an index fund, it’s possible there’s greater risk through financial sector-focused funds or individual stocks.
“This is a bit of a cautionary tale as it relates to diversification issues,” said Baker, who is part of CNBC’s Financial Advisor Council. “I think this can be an illustrative moment for talking to clients.”
Still, despite mounting fears, he doesn’t believe the bank failures are a repeat of the financial crisis in 2008. “We’re not about to head down the road of 40% broad market decline,” he said, adding that there’s no reason to make “major portfolio moves and panic at the absolute wrong time.”

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Investors should ‘stick to the process’

Ivory Johnson, a CFP and founder of Delancey Wealth Management in Washington, D.C., is telling clients to “stick to the process,” explaining that a portfolio should match an investor’s goals and risk tolerance.
“If you were conservative before, you should be conservative now,” said Johnson, who is also a member of CNBC’s Advisor Council. But if your strategy told you to buy tech stocks and regional banks in the current market environment, “it’s time to review your process,” he said. More

Clifton Pemble, President and CEO, Garmin at the NYSE December 7, 2021.
Source: NYSE

Investors have no shortage of worries, be it the economy slipping into a recession due to higher interest rates or the havoc that whiplashed financial stocks last week.
Nevertheless, there are buying opportunities for those who know where to look.

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Here are five stocks to weather the storm, according to Wall Street’s top professionals on TipRanks, a platform that ranks analysts based on their past performance.

Snowflake

Cloud companies are experiencing a marked slowdown in their growth rates as macro challenges affect enterprise spending. Despite the ongoing pressures, cloud-based data warehouse company Snowflake (SNOW) delivered upbeat quarterly results.
Snowflake expects its product revenue to grow by 40% in fiscal 2024, marking a deceleration from the 70% rise recorded in fiscal 2023 (ended Jan. 31, 2023). Nonetheless, Snowflake continues to be optimistic about its growth in the years ahead and expects to achieve its product revenue target of $10 billion in fiscal 2029.
Deutsche Bank analyst Brad Zelnick agrees that Snowflake is “not immune from cloud growth moderation.” (See Snowflake Blogger Opinions & Sentiment on TipRanks)
That said, Zelnick reiterated a buy rating on Snowflake with a price target of $170, saying, “We still firmly believe the long-term outlook remains intact for Snowflake, with its unique multi-cloud architecture, rich platform features, data sharing capabilities and native app development tools positioning it to capture the massive Data Cloud opportunity.”

Zelnick ranks 85th out of more than 8,000 analysts followed on TipRanks. His ratings have been profitable 69% of the time, generating a 14.9% average return.

Salesforce

Let’s move to another cloud company, Salesforce (CRM), which recently reported solid results for the fourth quarter of fiscal 2023 (ended Jan. 31, 2023). The company expects fiscal 2024 revenue to grow by about 10%. While that number indicated a slowdown compared to the 18% growth seen in fiscal 2023, it did come in ahead of analysts’ estimates.
Moreover, Wall Street experts welcomed the company’s profitability projections. Salesforce has been under pressure from several activist investors, including Elliott Management and Starboard Value, to improve its profitability. (See Salesforce Insider Trading Activity on TipRanks)
Mizuho analyst Gregg Moskowitz, who holds the 264th position among more than 8,000 analysts on TipRanks, said that he is “encouraged by the recent activism in CRM over recent months.” The analyst also highlighted the company’s restructuring efforts and its fiscal 2024 operating margin outlook of 27%, which he observed was “even well above the most bullish expectations.”
“Notwithstanding macro challenges, we reiterate that CRM remains well situated to help its vast customer base manage revenue and process optimization via digital transformation,” said Moskowitz.    
Moskowitz reaffirmed a buy rating and raised his price target for CRM stock to $225 from $200. Per TipRanks, 55% of Moskowitz’s ratings have generated profits, with each rating bringing in a return of 13.1%, on average.

Hibbett

Next on our list is athletic goods retailer Hibbett (HIBB), which sells footwear, apparel and equipment from top brands like Nike and Adidas. The company’s fiscal 2023 fourth-quarter results missed expectations due to macro pressures, higher costs, supply chain issues and increased promotional activity.
Hibbett expects mid-single-digit sales growth in fiscal 2024, driven by its assortment of high-demand footwear. Also, the company is conducting a “systematic review” of its operating expense structure to improve profitability. (See Hibbett Stock Chart on TipRanks)
Williams Trading analyst Sam Poser highlighted that Hibbett’s relationships with key brands, mainly Nike, are very strong. Additionally, the analyst thinks that the retailer has “the best in class omni-channel, consumer facing operation” in his coverage, which is reflected by the 21.4% rise in digital sales in the fiscal fourth quarter.
Poser lowered his fiscal 2024 and fiscal 2025 earnings per share estimates, given that the company’s recent results lagged guidance. Nonetheless, he reiterated a buy rating on Hibbett and a price target of $82 because he is “confident that HIBB’s guidance is far more realistic, prudent, and conservative than it has been in some time.”
Poser is ranked No. 144 among more than 8,000 analysts tracked on TipRanks. His ratings have been profitable 55% of the time, with each rating delivering a return of 17.6%, on average.

Zscaler

Cybersecurity company Zscaler’s (ZS) fiscal second-quarter results crushed the Street’s expectations, with a 52% increase in revenue.
Nevertheless, ZS stock fell as investors seemed concerned about the company’s billings guidance of about a 9% sequential decline in the fiscal third quarter, compared to the mid-single digit declines seen over the last few years. Delays in large deals due to macro woes impacted the company’s outlook.
TD Cowen analyst Shaul Eyal remains bullish about Zscaler and reiterated a buy rating with a price target of $195 following the results. “In our view, despite macro uncertainty and elevated deal scrutiny, ZS occupies a strong competitive position as it addresses a $72B market opportunity,” said Eyal.      
The analyst thinks that the company is well positioned to achieve its longer-term targets, including annual recurring revenue of $5 billion, operating margin of 20% to 22%, and free cash flow margin of 22% to 25%. (See Zscaler Hedge Fund Trading Activity on TipRanks)
Eyal holds the 15th position among more than 8,000 analysts on TipRanks. Additionally, 66% of his ratings have been profitable, with an average return of 24.1%.

Garmin

Garmin (GRMN) is a leading provider of GPS-enabled-based devices and applications. Last month, the company reported a decline in its fourth-quarter revenue due to currency headwinds and lower demand for its fitness products.
Tigress Financial analyst Ivan Feinseth expects the company’s ongoing innovation and new launches, strength in aviation, and growing opportunities in wellness and automotive OEM (original equipment manufacturer) businesses to reaccelerate trends.  
Feinseth is particularly confident about Garmin emerging as an industry-leading automotive OEM supplier. The company’s automotive OEM revenue increased by 11% to $284 million in 2022. The analyst expects the automotive segment to see annual growth of 40%, reaching a revenue run rate of $800 million by 2025. He expects this growth to be led by the company’s industry-leading product categories of in-cabin domain controllers, infotainment systems and other in-cabin connected interfaces.
Feinseth, who ranks 189th on Tipranks, reiterated a buy rating on Garmin stock with a price target of $165. The analyst’s ratings have been profitable 62% of the time, with an average return of 12.2%. (See Garmin Financial Statements on TipRanks)

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In Grady Hendrix’s new novel, “How to Sell a Haunted House,” the parents of protagonist Louise die unexpectedly in a car crash — and she runs into trouble trying to sell the house she grew up in.
She’s not alone in her concerns about the house: One recent survey found that half of Americans believe their house is haunted.

Grady Hendrix
Albert Mitchell

After Louise’s parents unexpectedly die in a car accident, she returns home to Charleston, where her plans to get her childhood home ready for sale are soon complicated. There’s her parents’ endless stuff, including the hundreds of dolls her mother owned. There’s her estranged brother, Matt, trying to cheat her out of her inheritance. And then there’s the house itself, which doesn’t seem to want to let her go.
Grady Hendrix, the author of “How to Sell a Haunted House,” said his idea for the novel began during the pandemic, when many of us were becoming more aware of our parents’ mortality. “One of the things I realized is, when our parents die, we have to deal with all their stuff,” Hendrix said. “And what are ghosts but things left behind after someone dies?” 

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Louise is hardly alone in her suspicions about the house: A shockingly large share of Americans may believe their home is haunted too, surveys find, and laws have been passed in some states clarifying what sellers do and don’t have to disclose about alleged paranormal activity, prior murders and suicides.
I talked to Hendrix about his new novel and the subject of haunted houses and trying to sell them. Our interview has been edited and condensed for clarity.
Annie Nova: One recent survey found that half of Americans believe their house is haunted. Why do you think there’s so much superstition?
Grady Hendrix: I just got off a book tour, and so many people I met believe they live in a haunted house or that they have lived in one. To me, it’s totally normal. A house is where you spend most of your time. You sleep there, you go through all kinds of emotional things there. Why wouldn’t you think it’s haunted?

What are ghosts but things left behind after someone dies?

Grady Hendrix
author, “How to Sell a Haunted House”

AN: What are some of the things that people told you about living in a haunted house?
GH: Their hauntings often seem to follow their personality. I would have people who’d say, ‘Oh my god, our house was haunted. It was terrible. This ghost was attacking us and we had to break our lease and move.’ It’s this really intense experience for them, and they’re very intense as they tell it. And then I’d have someone who’d say, ‘Oh, yeah. Our house is haunted, but the ghost is pretty chill.’
AN: There are so many stories about haunted houses. Why did you turn your focus to the selling of one?
GH: Cleaning out someone’s house after they’ve passed away, you’re dealing with the smell of their shampoo, the dent in the sofa cushion where they used to watch TV. And it’s not just the physical stuff, it’s the emotional stuff: the memories, the scars, the unfair things that you’ve always wanted to talk about but never did. Selling a haunted house was a nice way to address all of these things in one handy package.
AN: When did our fears of haunted houses begin?
GH: The first recorded incidents I saw were in the 1730s, and included property values crashing because a house was supposedly haunted. But in the latter part of the 19th century, you had a huge number of haunted house sightings that coincided with this building boom out in the suburbs. The suburbs started to really expand then, especially in London and some American cities, with property developers throwing up houses basically overnight.

Arrows pointing outwards

A lot of the houses were poorly constructed, and would start to fall apart. You would hear mysterious noises as your walls slowly gave way. You’d get mysterious cold spots because the building wasn’t weatherproofed. Then some of these houses would become uninhabitable, and so you’d have a block full of nice houses with this one haunted-looking house at the end that had been abandoned for 20 years.
AN: What typically leads people to start believing that their home is haunted?
GH: The last time we had a really big boom in haunted houses was around the time of the subprime mortgage crisis. When real estate is getting fraught and the economy is doing funny things, haunted houses appear. But there’s no such thing as an objective haunting. If you feel like your house is haunted, then your house is haunted, you know? Houses are haunted because that’s where people are.
AN: One of the scariest things that Louise inherits is the haunted puppet, Pupkin, with its “leering clown face.” What are you trying to say here about the downsides to inheritance?
GH: Rather than the inheritance angle, I was really hyperaware of the fact that we all have strange relationships with inanimate objects. We have stuffed animals or blankets from childhood that we’re really attached to. We yell at our phones. We argue with our cars. We just invest a lot of emotions into objects. With Pupkin, I really wanted an object that had been invested with so much emotion you couldn’t walk away from it. It wasn’t going to let you.

AN: Is there anything in the book based on personal experience?
GH: I’ve cleaned out the houses of dead friends, and it’s one of those things that’s hard to really describe to someone until they’ve gone through it. You’re dealing with this huge amount of stuff. You’re crushed beneath the weight of it all. It’s a very strange experience.

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The New York Stock Exchange stands in lower Manhattan after global stocks fell as concerns mount that rising inflation will prompt central banks to tighten monetary policy on May 11, 2021 in New York City. By mid afternoon the tech-heavy Nasdaq Composite had lost 0.6% after falling 2.2% at its session low.
Spencer Platt | Getty Images News | Getty Images

Signature Bank shares dropped as much as 32% on Friday and were at one point halted amid a sell-off in bank stocks that continued for a second day.
Signature, one of the main banks to the cryptocurrency industry, ended the day down 22%.

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The initial move followed a big day for its crypto banking peer Silvergate Capital, which announced earlier this week that it would liquidate its bank. Its losses deepened Thursday after shares of SVB Financial, whose Silicon Valley Bank lends to tech startups, announced a plan to raise more than $2 billion in capital to help offset losses on bond sales.
By late Friday morning, the Federal Deposit Insurance Corp had closed Silicon Valley Bank and taken control of its deposits, making it the largest U.S. bank failure since the global financial crisis.
The troubles at Silicon Valley Bank rippled across financial stocks, as investors worried about the likelihood that other banks with large bond portfolios could face similar issues, if they’re forced to sell those bonds before maturity for fundraising purposes. Treasuries have been falling for the past year as the Federal Reserve has been hiking rates.
First Republic Bank, PacWest Bancorp, Western Alliance Bancorp were among the other names whose trading was at one point halted for volatility.
Signature has said it has minimal exposure to crypto, but Silicon Valley Bank’s need to recapitalize on the heels of the Silvergate event has linked the two events in some people’s minds.

Stock chart icon

Signature Bank shares Friday

Valkyrie chief investment officer Steve McClurg said the Signature Bank was already hurting on the back of Silvergate’s losses, which now total almost 50% for the week. Its Friday losses are a spillover effect from the Silicon Valley Bank woes, he added.
Ed Moya, an analyst at Oanda, emphasized Signature is caught in the middle of both narratives.
“Signature Bank is getting hit with a one-two punch as concerns grow that any crypto-related bank could be in danger and as financial instability concerns grow for parts of the banking sector,” he said. “There are only a handful of publicly traded banks that have crypto exposure and lots of traders are rushing to bet against them.”

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