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Western Alliance’s Growing Deposits Propel Regional Bank Stocks to Soar

By Pete Sadler
Image by Gerd Altmann from Pixabay

Regional bank stocks surged on Wednesday after Western Alliance reported that customer deposits are growing.

Western Alliance said in a regulatory filing Tuesday that its deposit balances stabilized by late March, and that its deposit growth exceeded $2 billion between March 31 and May 12 to around $50 billion. That’s up from $46.7 billion as of the end of last quarter.

Western Alliance shares rose roughly 13%, recouping its losses and then some from the last two weeks.

Shares of other beaten-down regional lenders rallied on the news. The SPDR S&P Regional Banking exchange-traded fund rose about 6%. PacWest shares rose about 18%, KeyCorp added 7% and Comerica marched up 11%.

Read More : Western Alliance’s Growing Deposits Propel Regional Bank Stocks to Soar

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