PacWest's Dividend Cut Boosts Regional Bank Stocks
PacWest Bancorp led a rally in US regional banks after announcing a cut in its quarterly dividend to one cent to accelerate capital build plans. The bank's shares rose as much as 42% in premarket trading, while other regional lenders, including Western Alliance Bancorp and Zions Bancorp, also rallied. The bounce follows a tumultuous week for regional lenders that ended with a sharp rally higher on Friday.