Bank stocks declined dramatically today, sending the market sharply lower.  All 25 components of the KBW Banking Index declined, with 20 showing declines of over 10%.  Ten of the index components were down at least 20% on the day.

The KBW Banking Index fell 19.71% and the KBW Regional Banking Index fell 10.67%. The broader S&P 500 Index was down 5.28%.

The Bank Index was led by State Street Corporation, PNC Financial Services Group, and Bank of America, which were down 59.04%, 41.40%, and 28.97%, respectively. Leading the Regional Banking Index lower were Sterling Financial Corporation, Webster Financial Corporation, and South Financial Group, which were down 23.55%, 20.95%, and 18.98%, respectively.