Regional banks mostly rise on Fed rate decision

By Associated Press
September 16, 2008 | Comments (0)

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Shares of regional banks mostly rose Tuesday after the Federal Reserve kept its key interest rate unchanged at 2 percent.

The Fed last lowered the federal funds rate in April by one quarter of a percentage point.

Stocks rose even though many investors had been hopeful that the central bank would trim interest rates in the face of escalating turmoil in the market.

BB&T Corp. added 68 cents, or 2.1 percent, to $33.13.

Zions Bancorp gained 71 cents to $37.56.

PNC Financial Services Group Inc. rose $1.65, or 2.3 percent, to $72.07. U.S. Bancorp rose 77 cents, or 2.3 percent, to $33.79.

Umpqua Holdings Corp. advanced $1.03, or 6.1 percent, to $17.88.

Bucking the trend, National City Corp. lost 28 cents, or 6.5 percent, to $4, while KeyCorp shed 54 cents, or 4.4 percent, to $11.85.

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