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PACWEST STOCKS CLIMBS ON DIVIDEND CUT AS REGIONAL BANKS RECOVER

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Overview

  • PacWest Bancorp's shares rose after slashing dividend to build capital amid economic uncertainty.
  • Other regional banks rebounded following collapses of three lenders and takeover of First Republic.
  • Nearly half of Americans are worried about money in banks, according to survey.
  • PacWest is exploring strategic options like possible sale but remains in solid financial shape.
  • Fire-sale yields and falling stocks suggest investors see value in battered regional banks.