From Bloomberg News:
Regional Banks Tumble
Zions, the lender with operations in 10 Western U.S. states, tumbled 10 percent to $33.44 for the steepest decline in the S&P 500. “Weakness” in residential construction and land values in the Southwest will harm loans and is “expected to persist into 2009,” the lender said in a presentation attached to a regulatory filing today.
This dragged other regionals down. As of 1:00PM EDT, regionals looked like this: