Western Alliance's Deposit Growth Boosts Regional Bank Stocks
Shares of US regional banks, including Western Alliance Bancorp, rallied after the bank reported that deposits had grown by more than $2 billion since the end of the quarter, easing concerns about the health of US regional lenders. The KBW Regional Banking Index rose 2.4% as a result. The sector has been under pressure since March, when a series of firms collapsed. Western Alliance has demonstrated "stability amid an uncertain operating backdrop," according to Bloomberg Intelligence analysts.