Western Alliance Bank Stock Plummets, Trading Halted; Could Mark FOURTH Bank To Fail Under Biden in 2023

Western Alliance, a regional U.S. Bank that controls a reported $71 Billion in assets, is reportedly seeking a buyer. Shares for the bank plummeted on the stock exchange today as the Financial Times broke the story of Western Alliance seeking a sale.

READ THE FULL ARTICLE HERE

See that plummet in a tweet below, which prompted the halt of trading on the Western Alliance stock…

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

In a strange twist, a report released by MarketWatch this morning reports that Western Alliance is denying the Financial Times report that they are seeking a buyer. That report reads…

Western Alliance Bancorp stock was halted Wednesday after the company issued a strong denial of a press report that it hired an adviser to weigh the potential sale of all or part of the company.

Typically such speculative reports would spark a rise in a share price of a company, but in the case of Western Alliance WAL, -34.39%, it caused the stock to fall even more sharply amid jitters about the health of regional banks.

Western Alliance fell 41.8%, to $17.22 a share in intermittent trading, between pauses. That’s below its initial public offering price of $22 a share when the company went public in 2005.

https://www.marketwatch.com/story/western-alliance-bancorp-losses-steepen-after-report-its-exploring-strategic-options-e40f860e

In a statement released by Western Alliance, they call the Financial Times piece shameful and irresponsible. A portion of that statement reads…

There is not a single element of the article that is true,

Western alliance is not exploring a sale nor hasn’t hired an advisor to explore strategic options. It is shameful and irresponsible that the Financial Times has allowed itself to be used as an instrument of short sellers, and as a conduit for spreading false narratives about a financially sound and profitable bank.

Western Alliance Bancorp

If Western Alliance truly does fail, this will be the fourth bank failure in the calendar year 2023 for President Joe Biden.

First Republic Bank in San Fransisco, California failed on May 1st, 2023. Signature Bank failed on March 12th 2023, and Sillicon Valley Bank failed on March 10th 2023.