Shares of regional banks tumbled Thursday afternoon along with the broader market after a new report showed steeper-than-expected declines in sales of existing homes.

Investors interested in buying and selling U.S. bank stocks based on the performance of the underlying businesses might well have gone on holiday this week  --  and might stay there next week.

U.S. Bancorp's second-quarter earnings fell 18 percent, missing analysts' expectations, as the company more than tripled its provision for credit losses but offered assurances that its credit problems would continue to be manageable. Shares fell nearly 3 percent.

In the nearly steady stream of bad news about banks, many consumers are likely wondering if any bank is really safe.

Among the earnings stories for Tuesday, July 15, from AP Financial News:

U.S. Bancorp <USB.N> posted a larger-than-expected 18 percent decline in quarterly profit on Tuesday after housing-related losses caused it to triple the amount it set aside for bad loans.

By Jonathan Stempel

Stocks closed lower following a zig-zag day marked by a plunge in oil and a barrage of statements and news from economic policy makers, and a resurgence for the beaten-down financial sector.

U.S. Bancorp posted a larger-than-expected 18 percent decline in quarterly profit due to mounting housing-related credit losses, and said that tough economic conditions will cause more loans to go bad.

Stocks fell sharply after Federal Reserve Chairman Ben Bernanke issued a dour forecast ahead for the US economy, saying more hard times are on their way that will pose a major challenge to policy makers.

Wall Street is bracing for a big round of second-quarter earnings reports that few expect to deliver good news for the state of corporate America.

The market may be headed south, but that doesn't mean your portfolio has to follow suit.  To give investors an edge, CNBC asked the market experts for their best stock picks now.

Oil dominated the news again during the week, though crude prices fell back for a change. Economic data also moved the markets, which finished up for the week.