WAL - Why Shares of Western Alliance Bancorp Are Falling Today
2023-04-05 10:40:26 ET
Shares of Western Alliance Bancorp (NYSE: WAL) traded nearly 11% lower as of 10:04 a.m. ET today after the bank provided an update on its financials for the first quarter earlier Wednesday morning.
Western Alliance is a bank that the market has been watching closely because it had exposure to the tech and venture-capital communities and formerly had a lot of uninsured deposits.
In its update this morning, the bank said that total insured deposits now equaled roughly 68% of total deposits. The bank also noted that it has enough liquidity to cover 140% of uninsured deposits and that its capital ratios are pretty consistent with where they were at the end of 2022.
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Why Shares of Western Alliance Bancorp Are Falling Today