What Happened: PacWest declared a quarterly cash dividend of 1 cent per share, payable on May 31 to stockholders of record on May 15. The bank also declared a dividend of $0.4845 per depositary share on its preferred stock, payable June 1 to stockholders on record as of May 15. 

"Given current economic uncertainty, recent volatility in the banking sector and potential changes in regulatory capital requirements, we view reducing the dividend as a prudent step to accelerate our plans to build capital to CET1 of 10%+," said Paul Taylor, president and CEO of PacWest.

"Our business remains fundamentally sound, and we will continue with our strategy to focus on our relationship-based community banking model."

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Price Action: PacWest was up 34.2% at $7.73, Western Alliance was up 13.2% at $30.75, Comerica was up 8.1% at $39.39 and Zions was up 8.1% at $25.69 at the time of writing, according to Benzinga Pro.

Photo: Jerome Strauss from Flickr.