Western Alliance Bancorp, seeking to distance itself from regional banks struggling with deposits, including PacWest Bancorp, said its deposits have grown since the beginning of the quarter.
(Bloomberg) — Western Alliance Bancorp, seeking to distance itself from regional banks struggling with deposits, including PacWest Bancorp, said its deposits have grown since the beginning of the quarter.
Deposits at Phoenix-based Western Alliance are up $1.8 billion this quarter to $49.4 billion as of Tuesday, the bank said in a statement Thursday.
Insured deposits represented about 79% of total deposits, up from 68% as of March 31, the bank said.
Earlier Thursday, Beverly Hills-based PacWest Bancorp — another regional bank whose shares have slumped amid the industry’s turmoil — said deposits fell 9.5% last week after a news report that the lender was in talks with potential investors.
Shares of PacWest dropped, sending Western Alliance shares down as well.
Western Alliance fell 2.5% at 8:52 a.m. in early New York trading.
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