Western Alliance soars 12% to lead rally in regional bank stocks after the lender says deposits increased by more than $2 billion
jumped Wednesday on fresh signs that deposits are stabilizing after Silicon Valley Bank's collapse two months ago, igniting a rally in other regional lenders.
Western Alliance shares zoomed up 12% to $35.45, the highest since May 2 when they traded above $36 each. The surge was set off after the Phoenix-based lender, in, said deposit growth exceeded $2 billion on a quarter-to-date basis as of May 12. Western Alliance said deposit balances had stabilized by March 20 and"resumed growth trajectory." The bank previously said deposits grew by $1.8 billion from the end of the first quarter to $49.4 billion as of May 9.
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