Phoenix-based Western Alliance Bancorporation says deposits stabilized at the end of the 1st quarter, even rising by $2 billion after losing over 10 percent of their deposits during the banking turmoil earlier this year.
Western Alliance Bancorporation's shares saw huge gains on Wednesday after the Phoenix-based lender reported its deposits stabilized at the end of the first quarter after being affected by the turmoil in the banking industry in March.
Western Alliance shares moved sharply higher on the news, gaining $7.85, or 24%, to close at $40.36. At one point earlier in the session, the shares reached as high as $40.77. Track the stock here. The financial services company's stock popped after it released first quarter earnings Tuesday evening that indicated its deposits grew by $2 billion in the first two weeks of April.
Earlier in the first quarter, the lender's deposits dropped 11.3% to $47.6 billion prior to stabilizing this month, according to its earnings report.
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