PHOENIX — Western Alliance Bancorporation reported a $6.9 billion increase in quarter-over-quarter deposits as the financial institution with operations in three states continues to reposition its balance sheet and maintain stable assets.
Phoenix-based Western Alliance (NYSE: WAL), which operates Alliance Bank of Arizona along with banks in Nevada and California, had $62.2 billion in deposits in the first quarter, compared to $55.3 billion in the fourth quarter of 2023 and up from $47.6 billion in the year-earlier quarter.
"This quarter. we generated exceptional deposit growth of $6.9 billion that accelerated our repositioning plans at a faster pace than anticipated," Kenneth Vecchione, president and CEO of Western Alliance, said on an earnings call Friday.
Western Alliance attributes its quarterly deposit growth to market share gains from its commercial deposit businesses and digital consumer channels, Vecchione said.
