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Western Alliance Bancorp losses steepen after report it’s exploring strategic options - Stock Market Latest

Western Alliance Bancorp’s
WAL,
-38.96%

stock moved more deeply into the red on Thursday morning after the Financial Times reported that the bank is considering strategic alternatives for its business. The bank has said the report is false, according to a Bloomberg report. Western Alliance stock fell 58% in recent trades to $12.35 a share, lower than the stock’s price of $22 a share in its initial public offering in 2005. The move down came despite an update from the bank about growth in deposits and an increased mix of insured deposits at its franchise. The stock has already been halted and re-started during the session, according to NasdaqTrader.com. The bank’s investor relations contact did not immediately return a voice mail from MarketWatch.

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