Western Alliance says it remains in a ‘strong position’

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Western Alliance Bancorp ,
said late Friday that the bank remains in a strong position despite seeing outflows this week following the failure of Silicon Valley Bank and Signature Bank. The bank said it “experienced higher net deposit outflows” on Monday and that “net outflows have fallen sharply, with deposit volatility returning to normal levels in recent days.” Western Alliance said that insured deposits account for 55% of the bank's total deposits and it has more than $20 billion of instantly available liquidity. Western Alliance shares were down 10% on Friday, hitting an earlier session low of $30.

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