Insiders are doubling down on these 8 bank stocks

Banking stock insiders have absolutely taken advantage of the recent volatility in the industry following the fall in SVB Financial Group (NASDAQ:SIVB) subsidiary company Bank of Silicon Valley. The bank’s collapse marked the second largest of its kind in US history and the largest since Washington Mutual in 2008.

The Federal Reserve, the Federal Deposit Insurance Corporation (FDIC) and the Treasury Department had previously announced that they would protect all Silicon Valley Bank deposits, even above the $250,000 limit, which could have strengthened the confidence and conviction of other bank insiders. This morning, SVB Financial also announced that it has filed for Chapter 11 bankruptcy. Silicon Valley Bank, NA – which is the newly created FDIC entity – operates independently of SVB and will not be affected by the deposit.

With that in mind, let’s take a look at the bank stocks that insiders have been buying.

Insiders are doubling down on these 8 bank stocks

1. SoFi (NASDAQ:SOFI): On March 10, CEO Anthony Noto revealed that he bought 180,000 shares worth just under $1 million. Six days later, he purchased another 45,000 shares worth just under $250,000.
2. Charles Schwab (NYSE:SCHW): Insiders lined up to buy SCHW shares following the failure of Silicon Valley Bank. Since March 14, insiders have purchased 115,144 shares with a combined value of $6.73 million. These insiders include CEO Walter Bettinger, CFO Peter Crawford and director Mark Goldfarb.
3. PacWest Bancorp (NASDAQ:PACW): Since March 9, insiders — including Executive Chairman Matthew Wagner and Chairman and CEO Paul Taylor — have purchased a total of 95,993 shares.
4. First Foundation (NASDAQ:FFWM): CEO Scott Kavanaugh bought 2,000 shares on March 14. On the same day, chief executive Christopher Naghibi bought 208 shares.
5. National Farmers Bench (NASDAQ:FMNB): Since March 10, directors Neil Kaback and Andre Thornton have purchased a total of 5,185 shares.
6. Bankwell Financial Group (NASDAQ:BWFG): Several Bankwell directors bought shares this month. The biggest buy was from director James Garnett Jr., who bought 29,639 shares on March 10, marking one of his many buys.
7. Flushing Financial (NASDAQ:FFIC): On March 15, director Louis Grassi bought 2,000 shares at an average price of $15.07 per share.
8. MVB Financial (NASDAQ:MVBF): Directors Marston Becker and Jan Lynn Owen have purchased a total of 10,984 shares since March 8.

At the date of publication, Eddie Pan did not hold (neither directly nor indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.

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