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Western Alliance Bank reassures investors on liquidity position after its stock tumbles

13 March 2023 21:14 (UTC +04:00)

Western Alliance Bank said Monday that it's taking steps to fulfill its clients' funding needs after troubles in regional banks sent its stock spiraling, APA reports citing CNN.

"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," CEO Kenneth Vecchione said in a statement.

Shares of the bank fell 60% Monday morning, reaching a new 52-week low. The stock was one of several regional bank stocks that moved in and out of trading halts as Wall Street grappled with the collapse of Silicon Valley Bank and Signature Bank.

Banking stocks remained down Monday, even as markets managed to reverse their earlier losses.