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Western Alliance Bank Provides End of Week Update

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PHOENIX ~ Western Alliance Bancorporation (NYSE: WAL) and its primary subsidiary, Western Alliance Bank, have issued a statement reaffirming their financial strength. As of March 16, 2023, the bank had immediately available liquidity of over $20 billion and insured deposits represented more than 55% of total deposits.

The bank highlighted two critical strengths that position it well in the current environment: a strong capital base and a diversified deposit base. Western Alliance Bank's CET1 ratio was 9.3% as of year-end 2022 and unrealized losses on its held-to-maturity and available-for-sale investment portfolios totaled $1.1 billion. The bank also serves a highly diverse national and regional commercial customer base, representing a broad range of industries, client types, and geographies. Deposits within the Technology & Innovation group, which has been disproportionally impacted by recent market turbulence, represented less than 8% of total deposits as of March 16th.

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Kenneth A. Vecchione, President and CEO of Western Alliance Bank commented on the situation saying "We have a long history of financial stability and responsible, cautious risk management. These sound fundamentals have served us well over the past week." He also noted the message from banking agencies, government officials and industry leaders expressing their confidence in the banking system and commitment to protecting depositors at impacted institutions.

Western Alliance Bancorporation is one of the country's top-performing banking companies with more than $65 billion in assets. It offers clients a full spectrum of tailored banking solutions delivered by industry experts who put customers first. The company was ranked #1 top-performing large bank with assets greater than $50 billion in 2021 by both American Banker and Bank Director.
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