Western Alliance is also the latest regional bank to explore a sale, the Financial Times reported.
The bank’s stock plunged 53% on news of the potential sale.
Western Alliance reportedly holds 71 billion in assets.
JUST IN: Western Alliance $WAL falls 53% following news the bank is exploring a sale. pic.twitter.com/TLVb6TQBQN
— Watcher.Guru (@WatcherGuru) May 4, 2023
Western Alliance halted after its shares plummeted on Thursday.
Western Alliance denied the Financial Times report, calling it “categorically false” and said they are “considering all our legal options.”
BREAKING: Western Alliance Stock Collapses After Reports of Sale By The Financial Times
Western Alliance, a regional bank with $71 billion in assets, was reported by the FT that it exploring a potential sale as it becomes the latest US regional bank to seek a lifeline. The news… pic.twitter.com/5bssmaGuvA
— Mario Nawfal (@MarioNawfal) May 4, 2023
West Coast regional banks are getting hammered as fears of contagion spread.
PacWest Bancorp shares also tumbled nearly 60% in after hours trading on Wednesday on rumors of a sale.
The Federal Reserve threw gasoline on the fire on Wednesday and raised interest rates 25 basis points.