Western Alliance Bank Issues Updated Form 8-K in Light of Recent Industry Developments

PHOENIX ~ Western Alliance Bank (NYSE: WAL) filed an updated Form 8-K this morning in light of recent industry events. Kenneth Vecchione, President and CEO of Western Alliance Bank, released a statement which included the following: "Since the statement we released last week, Western Alliance has taken additional steps to strengthen its liquidity position to ensure that we are in a position to meet all of our client funding needs, including increasing our borrowing capacity. As of this morning, cash reserves exceed $25 billion and are growing, while deposit outflows have been moderate. Including accounts eligible for pass-through insurance, insured deposits exceed 50% of total deposits."

Mr. Vecchione also commented on the banking agencies' statement yesterday expressing their commitment to ensuring liquidity within the banking system and their confidence in the strength of the banking industry. He noted that if adjusted to reflect unrealized losses in their held-to-maturity and available for sale investment book, Western Alliance Bank's CET1 capital ratio as of 12/31/22 would be approximately 7.9%, which compares very favorably to peers and reflects the fundamental strength of their bank.

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Western Alliance Bancorporation is one of the country's top-performing banking companies with more than $65 billion in assets. Through its primary subsidiary, Western Alliance Bank, Member FDIC, business clients benefit from a full spectrum of tailored banking solutions and outstanding service delivered by industry experts who put customers first. The bank has been ranked #1 top-performing large bank with assets greater than $50 billion in 2021 by both American Banker and Bank Director. Serving clients across the country wherever business happens, Western Alliance Bank operates individual, full-service banking and financial brands with offices in key markets nationwide.

The company cautions that these statements are forward looking statements that involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements.
Filed Under: Business

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