PacWest's dividend cut leads to regional bank rebound.
PacWest Bankcorp's dividend cut to build capital amid the banking crisis led to a relief rally in regional banks for a second day. PacWest CEO reassured investors that the bank's businesses remain "fundamentally sound." Other regional banks, including Western Alliance and Zions Bancorp, also rebounded. The SPDR S&P Regional Banking ETF rose by 2.8% in premarket, following a 6.3% rally on Friday.