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Western Alliance lost $6 billion in deposits amid the chaos that roiled the banking world in the first quarter. Profits at the Phoenix-based lender dropped 41% from a year earlier.
Its stock rose 2% Monday. Gibbons said Western Alliance has managed to bring back depositors in part by showing larger clients the bank's more granular financial data under nondisclosure agreements.
Rating Action: Moody's affirms Western Alliance's ratings (deposits A2/Prime-1) following acquisition announcement, maintains stable outlookGlobal Credit Research - 18 Feb 2021New York, February ...
PacWest ended Tuesday down 28%, while Western Alliance dropped 15%. Other regional banks also plummeted, including Zions ( ZION ), Comerica ( CMA ) and Key ( KEY ), which all fell between 9-12%.
Western Alliance Bank money market account features. Minimum opening deposit. $100. Monthly service fee. $10—waived for accounts with a daily balance of $2,500 or more. Certificates of deposit.
The bank was founded in 1994 in Las Vegas, Nevada. [1] [4] In 2010, it moved its headquarters to Phoenix, Arizona. [5] In October 2012, it acquired Western Liberty Bancorp for $55 million. [6] In April 2021, the company acquired AmeriHome for $1.22 billion. [7]
The list excludes the following three banks listed amongst the 100 largest by the Federal Reserve but not the Federal Financial Institutions Examination Council because they are not holding companies: Zions Bancorporation ($87 billion in assets), Cadence Bank ($48 billion in assets) and Bank OZK ($36 billion in assets).
Shares of Western Alliance rose about 5.5% during the second quarter, while Huntington stock fell about 2% and PacWest dropped 13%, a move that came before the company's merger announcement.