Western Alliance Bancorp said on Wednesday it had not experienced unusual deposit outflows following the sale of collapsed lender First Republic Bank to JPMorgan Chase & Co , as the U.S. regional bank sought to reassure investors.
Phoenix-based Western Alliance said its total deposits were $48.8 billion as of Tuesday, up from $48.2 billion as of Monday. As of Tuesday, more than 74% of total deposits were insured, the company said.was exploring strategic options including a sale or capital raising.tumbling in after-market trading, led by a 52% plunge at PacWest and 23% decline at Western Alliance.
JPMorgan agreed on Monday to acquire a majority of First Republic's assets in a $10.6 billion deal after regulators seized the lender, which became the largest U.S. bank failure since the 2008 financial crisis.
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