Bank of America, Truist saw $70B in value erased amid industry’s turmoil

CHARLOTTE — The sudden collapse of Silicon Valley Bank and Signature Bank — and concerns about the stability of the banking system in general — have driven down the values of institutions across the financial sector.

Charlotte’s banking giants have not been immune. The two headquartered here — Bank of America and Truist — saw a combined $70 billion wiped from their market capitalization between March 6, before SVB’s collapse, and March 17.

Market capitalization — or market cap — refers to the value of a public company, calculated by multiplying the current stock price by the number of shares outstanding. (Stock price and market cap data used for the analysis came from Bloomberg and company filings.)

Truist, which falls into the category of midsize banks considered at higher risk than their larger counterparts, has seen the steepest fall locally.

BofA, meanwhile, has taken a hit but found an upside as customers moved deposits to bigger banks.

In fact, each of the 10 banks with the most deposits in the Charlotte region saw their market caps shrink between March 6 and the end of last week. Six of them saw drops of more than 20%.

Read more here for a snapshot of the change in market cap for those banks as well as national perspective.

(RELATED: Truist adds more Charlotte-area branches to list of looming closures)