Trading in the shares of Western Alliance Bancorporation was halted on Thursday as they plunged 25% in value after the Phoenix-based lender joined Los Angeles-based PacWest in becoming the latest US banking casualties
NEW YORK (Pakistan Point News / Sputnik - 04th May, 2023) Trading in the shares of Western Alliance Bancorporation was halted on Thursday as they plunged 25% in value after the Phoenix-based lender joined Los Angeles-based PacWest in becoming the latest US banking casualties.
Trading in Western Alliance was suspended at $16.19 a share, versus its previous year's high of $86.87, by the New York Stock Exchange, which was "waiting for additional information," US media reports said.
As late as Wednesday, Western Alliance said it had not experienced any unusual deposit outflows � which had been the main reason for the spate of US banking failures over the past two months.
The Financial Times reported on Thursday that Western Alliance was mulling "options, including a potential sale."
If indeed true, it would be the latest US bank to be sold after San Francisco-based First Republic, which earlier this week was acquired by JPMorgan Chase, the largest US banking group.
Western Alliance is also the fifth US lender in trouble after Silicon Valley Bank and Signature Bank � the two rescued by the US government's Federal Insurance Deposit Corporation in March � and PacWest, whose shares were also tumbling on Thursday.
Shares of PacWest were at $2.57 at the time of writing, down 60% on the day, versus their previous year's high of $34.21.
