bank stocks are selling off because of a liquidity crunch at SVB Financial, a tech-focused lender that had to sell off a significant portion of its securities portfolio at a steep loss of nearly $2 billion23. This caused deposit outflows and pressure on other banks to sell off their assets as well4.
SVB Financials is now up for sale according to the Wall Street Journal after failing to raise money. Basically, banks are sitting on large unrealized losses on their bond portfolio because of rising interest rates.
This might be a good opportunity for Berkshire to step in and pick up a beaten down bank or two for peanuts.