Butterfield Bank clawed back early losses in its share price Monday as banking stocks continued to struggle in the wake of the collapse of Silicon Valley Bank and Signature Bank.

Butterfield shares dropped to $27 on the New York Stock Exchange at 11.30am Bermuda time after opening at $29.99, but had recovered somewhat to $28 at the close.

Volume was again heavy, with 2.07 million shares trading. Butterfield Bank trades 174,000 shares on an average day.

The S&P 500 closed lower at 3,855.76 (down 0.15 per cent) and the Dow Jones Industrial Average finished down 90.50 (0.28 per cent) at 31,819.14.

The KBW Nasdaq Regional Banking Index, which tracks regional US banks similar to Butterfield, closed down 7.7 per cent at 94.06 while an Exchange Traded fund, the SPDR S&P Regional Banking ETF, was down 12.31 per cent at $44.45.