Exchanges halt trading of several bank stocks, amid volatile trading after two banks fail

Exchanges on Monday morning halted the trading of several bank stocks due to volatility, according to news reports.

The stops in trading occurred shortly after the markets opened at 10 a.m. ET. and followed Silicon Valley Bank failing Friday and Signature Bank failing Sunday.

Amid the sell off, stock sales have been temporarily halted for such stocks as PacWest Bancorp, Zions Bancorporation, First Republic Bank and Regions Financial, according to the Wall Street Journal.

The Treasury Department, Federal Reserve and Federal Deposit Insurance Corp. announced Sunday night they are working jointly to make sure depositors have access to their money.

President Biden on Monday, before trading started in the U.S., made a national TV address in which he said the country's banking system is "safe."