Western Alliance Bancorporation said on Wednesday its first-quarter deposits were 11% lower than at the end of 2022, as customers spooked by the sudden collapse of two U.S. mid-sized lenders pulled out funds.
A screen displays the logo and trading info for Western Alliance Bancorporation on the floor of the New York Stock Exchange in New York City, U.S., March 14, 2023. REUTERS/Brendan McDermidsaid on Wednesday its first-quarter deposits were 11% lower than at the end of 2022, as customers spooked by the sudden collapse of two U.S. mid-sized lenders pulled out funds.
Western Alliance said total deposits were $47.6 billion as of March 31, down from $53.6 billion at the end of 2022. "While earnings are under material near-term pressure, we think the stabilization of deposit pressures should allay investor concerns of severe deposit outflows," analysts at Truist Securities said.Regional banks have been trying to assure customers that their deposits are secure after recent bank runs following the failures of Silicon Valley Bank and Signature Bank last month.
Policymakers have sought to emphasize that the current crisis is different from the last one as lenders are now better-capitalized, but Federal Reserve data showed that banks sought record amounts of emergency liquidity in mid-March.
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