Western Alliance Bancorp WAL said Thursday its deposits have remained stable. The bank reported total deposits of $49.4 billion as of Tuesday, with quarter-to-date deposit growth of $1.8 billion from $47.6 billion as of March 31 and higher by about $600 million from $48.8 billion as of May 2. Insured deposits were approximately 79% of total deposits as of Tuesday, May 9, compared to 68% as of March 31. “Readily available liquidity is approximately double the amount of uninsured deposits as of May 9,” the company said. “The increase in deposits amidst heightened market volatility and challenges at competitors exemplifies the strength and resilience of the bank and its customer relationships.” Western Alliance Bancorp stock is down 4.7% in premarket trades.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
