Western Alliance stock surges after the lender said deposits rose $2 billion

The stock of Western Alliance (WAL) surged more than 17% in after hours trading following an announcement that its deposits rose by $2 billion since the end of the first quarter and its percentage of deposits insured by the FDIC increased to 73%.

The disclosures came as the Phoenix-based regional bank unveiled its first-quarter earnings, offering a more detailed look at a firm at the center of last month’s banking crisis and a potential preview of results for other regional lenders.

The Phoenix-based institution was one of many mid-sized banks that came under intense scrutiny following the seizures of Silicon Valley Bank and Signature Bank, the 16th- and 29th-largest banks in the US. The stock of Western Alliance, which was 40th largest at the end of 2022, is down more than 45% since the start of the year.

Several other regional banks are due to report first-quarter results in the coming days, including US Bancorp (USB) and Zions (ZION) Wednesday and Truist (TFC) and Comerica (CMA) on…

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This article was written by and originally published on finance.yahoo.com