Western Alliance Bancorporation's shares saw huge gains on Wednesday after the Phoenix-based lender reported its deposits stabilized at the end of the first quarter after being affected by the turmoil in the banking industry in March.
Western Alliance (NYSE: WAL) shares moved sharply higher on the news, gaining $7.85, or 24%, to close at $40.36. At one point earlier in the session, the shares reached as high as $40.77. Track the stock here.
The financial services company's stock popped after it released first quarter earnings Tuesday evening that indicated its deposits grew by $2 billion in the first two weeks of April.
Earlier in the first quarter, the lender's deposits dropped 11.3% to $47.6 billion prior to stabilizing this month, according to its earnings report.
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