Western Alliance Bancorp’s stock WAL is up 10% in premarket trades Wednesday after it said its deposits have grown by $2 billion during the second quarter. As of May 12, the bank said it had about $50 billion in deposits, up from $47.6 billion as of March 31, according to a filing late Tuesday. Western Alliance Bancorp is also nearing the completion of about 50% in sales of the $6 billion of loans reclassified to held-for-sale in the first quarter, as part of its balance sheet repositioning.
6 billion as of March 31, according to a filing late Tuesday. Western Alliance Bancorp is also nearing the completion of about 50% in sales of the $6 billion of loans reclassified to held-for-sale in the first quarter, as part of its balance sheet repositioning. Jefferies analyst Casey Haire reiterated a buy rating on Western Alliance and said the bank’s update reaffirms deposit stability.