S&P Downgrades 5 Regional Banks Over $33B in Vulnerable Commercial Real Estate Loans

S&P downgraded 5 regional banks (First Commonwealth, M&T Bank, Synovus, Trustmark, Valley National) to "negative" outlook due to commercial real estate loan exposure
Banks hold $33B in commercial real estate loans that may face "material deterioration"
M&T Bank has especially high commercial real estate exposure at 25% of total loans
Office loans particularly vulnerable due to remote work trends
IMF insider warned 385 small and medium banks could fail due to $900B in commercial loans coming due