(Source: Business Wire)
Western Alliance Bancorporation (NYSE:WAL) announced today that it raised over $200 million through its previously announced public offering by issuing 33,440,700 shares of common stock, including 4,240,700 shares pursuant to the exercise of the underwriters' over-allotment option. The net proceeds of the offering, underwritten through Keefe, Bruyette & Woods, Inc. and D.A. Davidson & Co., were approximately $191.3 million.
With the proceeds from this offering, the current total risk-based capital ratio of Western Alliance exceeds 15%, ranking it in the top 10% of all publicly held banking companies in its markets. The Company's capital ratios, on a consolidated basis, and the capital ratios of each of Western Alliance's bank subsidiaries, exceed the thresholds required to be considered "Well Capitalized" under federal banking regulations. In addition, the increase in capital takes Western Alliance's Tier 1 common stock capital ratio (the key ratio used by regulators in performing stress tests of large banks) to over 9%.
"Western Alliance is one of only a few community banks capable of raising significant capital today," said Robert Sarver, Chairman and CEO of Western Alliance Bancorporation. "Our ability to raise $200 million in the current market underscores the value of our franchise and further differentiates us from our competitors."
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. A registration statement relating to these securities has been filed with the Securities and Exchange Commission and is effective. A written prospectus for this offering meeting the requirements of Section 10 of the Securities Act of 1933, as amended (other than a free writing prospectus as defined in Securities Act Rule 405) may be obtained from Keefe, Bruyette & Woods, Inc., Equity Capital Markets, 787 Seventh Avenue, 4th Floor, New York, NY 10019 or by calling toll-free (800) 966-1559 or from D.A. Davidson & Co., Equity Capital Markets, 8 Third Street North, Great Falls, MT 59401 or by calling toll-free (800) 332-5915.
About Western Alliance Bancorporation
Western Alliance Bancorporation is the parent company of Bank of Nevada, First Independent Bank of Nevada, Alliance Bank of Arizona, Torrey Pines Bank, Alta Alliance Bank, Miller/Russell & Associates, Shine Investment Advisory Services, Premier Trust, and PartnersFirst. These dynamic organizations provide a broad array of banking, leasing, trust, investment, and mortgage services to clients in Nevada, Arizona and California, investment services in Colorado, and bank card services nationwide.
