Wachovia stock plummeted as much as 20% in morning trading, after Oppenheimer analyst Meredith Whitney downgraded Wachovia to underperform from perform. Wachovia stock was down as Washington Mutual lead the steepest ever decline in Bank Stock Index. The biggest US savings and loan, and National City Corp., Ohio’s largest bank, had the steepest ever decline in its two-decade history.

WaMu slid $1.30, or 30 percent, to $3.45 at 12:59 pm, and National City dropped $1.11, or 25 percent, to $3.31 in New York Stock Exchange composite trading. First Horizon National Corp., Tennessee’s largest bank, declined 22 percent. National City Bank says there’s ‘no unusual’ activity.

With the US economy diving, all major bank stock prices dropped like a stone. Bank financial services were busy dealing with the national financial bank crisis.

Another traditional stalwart, SunTrust Banks Inc., which hasn’t been forced to slash its dividend or raise additional capital, sank 8.6% Monday, or $2.66, to $28.28. The Atlanta bank stock price is down 55% this year.

IndyMac ceased trading last weekend as FDIC regulators took over control of the bank.

A rash of bank failures is unlikely as stock values of many financial institutions tumbled Monday, continuing what has been a long fall in bank stock value. the credit crisis is still roiling Wall Street.

Bank of America approached 2000 lows with the investment arena littered with demolished bank stocks, a look around for potential long positions may be worth the time. Most of those hit hardest are so low that they are approaching penny stock status and no positions are without suspicion.

M&T Bank shares hit 8-year low on 2Q results. Shares bottomed out at $53.61 earlier in the session, their lowest point since 2000, a slump of 25%. M&T Bank credit losses depressed profits.

Is it time to sell your stock and get your money out of the bank before its to late? Hardly. As the credit crisis spreads more and more people will be affected. Protect yourself with gold, cash, and short-term US treasuries.

IndyMac failure sent bank stocks crashing. In fact, based on the $8.75 share price at which TPG invested in WaMu, its $2 billion investment is 60% in the red.

National City trading suspended after stock takes a hit after the Cleveland bank’s stock fell as much as 32 percent. When trading resumed, National City shares recovered. The stock closed at $3.77, down 65 cents.

Are we headed toward a depression? This morning, there were 300+ people in line waiting to get their money out of the bank. The bank’s stock has fallen to 14 cents and is still plummeting.

Most bank stocks are severely battered as unease grows. Regulators tried to reassure consumers who might look at the stock market and fear that their bank’s falling stock price puts their savings deposits at risk. the US banking system relies on faith and confidence in a fiat currency system, without real backing by assets such as gold. The value of mortgage backed real estate assets is tumbling, forcing a realization that the asset value class is based on a house of cards.

A law firm has filed a class action lawsuit on behalf of all persons who purchased the common or preferred stock of Franklin Bank Corp. Franklin Bank of Texas is closing its unit that provides financing to mortgage bankers, according

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