The Bank Slate


Western Alliance says deposit balances have stabilized

Western Alliance Bancorp. in Phoenix said that deposit balances have stabilized in the past two weeks.

The $65 billion-asset company said in a press release that it had “elevated net deposit outflows” in the wake of the failures of Silicon Valley Bank and Signature Bank. Most of those outflows came from its technology and innovation and settlement services groups.

Though it added $900 million of deposits between March 20 and March 31, deposits fell by 11% during the first quarter, to $47.6 billion. Still, the bank has added $1.2 billion of deposits so far in April.

Western Alliance noted that about 68% of its deposits are insured, largely due to “strong utilization and growth in reciprocal deposits and collateralized deposits for clients.”

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