: Western Alliance taking extra steps to ensure liquidity
Western Alliance Bancorp WAL said Monday it has taken extra steps to ensure liquidity following last week’s failure of SVB Financial’s SIVB Silicon Valley Bank. “Western Alliance has taken additional steps to strengthen its liquidity position to ensure that we are in a position to meet all of our client funding needs, including increasing our borrowing capacity,” said Western Alliance Chief Executive Kenneth Vecchione in a filing with the Securities and Exchange Commission Monday. “As of this morning, cash reserves exceed $25 billion and are growing, while deposit outflows have been moderate. Including accounts eligible for pass-through insurance, insured deposits exceed 50% of total deposits.” Vecchione said the bank’s Common Equity Tier 1 capital ratio was about 7.9% as of the end of the year. Shares of Western Alliance were down 44% in recent activity.
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