Western Alliance Bank Shares Plunge; Denies Looking for Buyer Amid Banking Sector Turmoil

Western Alliance Bancorp said on May 4 there’s no truth to reports that it’s exploring a possible sale of some or all of its business or has hired an advisor to explore “strategic options.”
Shares of the bank plunged 38 percent in regular trading, amid a broader regional bank stock rout.
In a statement, Western Alliance said that any reports claiming that the bank is considering a potential sale of all or part of its business is “categorically false.”
“Western Alliance is not exploring a sale, nor has it hired an advisor to explore strategic options,” the bank said.
The denial stems from a report by the Financial Times, citing “people briefed on internal discussions,” claiming that the Arizona-based lender was exploring strategic options, including a potential sale of all or part of its business….