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:
| NCC | 4.82 | -0.26 (-5.12%) | ||
| FITB | 12.92 | -0.64 (-4.72%) | ||
| MBR | 16.00 | 0.00 (0.00%) | ||
| CRBC | 3.18 | -0.05 (-1.55%) | ||
| FFBC | 10.30 | -0.35 (-3.29%) | ||
| BBT | 26.59 | -0.75 (-2.74%) | ||
| WB | 17.23 | -0.90 (-4.96%) | ||
| DEAR | 5.78 | +0.08 (1.40%) | ||
| FMER | 18.89 | -0.32 (-1.67%) | ||
| KEY | 11.67 | -0.13 (-1.10%) | ||
| ZION | 33.69 | -3.47 (-9.34%) |