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- Shares of Western Alliance Bancorp fell as much as 17% on Wednesday.
- The lender did not disclose a dollar amount for total deposits, a crucial metric for investors following the SVB crash.
- Western Alliance is down 62% in the past month amid turmoil in the banking sector.
Shares of Western Alliance Bancorp declined as much as 17% on Wednesday after the bank did not disclose more information regarding deposit balances in a financial update.
The stock was trading at $27.76 as of 12:40 p.m. ET on Wednesday, down 17% from Tuesday’s close of $33.52.
In a preliminary first-quarter report, the lender said its shares of insured deposits had increased to 68% of total deposits during the last week of March. Western Alliance did not disclose a specific dollar amount for combined deposits, however, sparking a sell-off in the stock among investors still concerned the health of deposits at US banks.
The bank said that its available liquidity for the quarter outpaces its growing uninsured deposits, and that its unrealized losses have declined since the end of last year.
Western Alliance will report first-quarter fiscal results on April 18.
The company’s stock is down 62% in the past month amid continued volatility in the banking sector. The decline came amid wider weakness among mid-sized regional banks after Silicon Valley Bank failed on March 10.
The failure of Signature Bank and the takeover of Credit Suisse by rival UBS also contributed to wider fears of a global banking crisis throughout the month.
The worst fears have ebbed but experts say it is unclear if there is more pain to come. In an annual letter to shareholders, JPMorgan CEO Jame Dimon remarked that the “current crisis is not yet over, and even when it is behind us, there will be repercussions from it for years to come,” he wrote Tuesday.