Western Alliance says it remains in a ‘strong position’

Western Alliance Bancorp
WAL,
-15.14%
said late Friday the bank remains in strong position even though it saw outflows this week following the failure of Silicon Valley Bank and Signature Bank. The bank said it “experienced elevated net deposit outflows” on Monday and that “net outflows have fallen sharply, with deposit balance fluctuations returning to normalized levels in recent days.” Western Alliance said insured deposits made up 55% of the bank’s total deposits and that it had immediately available liquidity of more than $20 billion. Western Alliance shares were down 10% Friday after hitting an intraday low of $30 earlier in the session.