Western Alliance Bancorp shares plunged more than 80% in premarket Monday after SVB's failure. AdvertisementShares in Western Alliance Bancorp are getting hammered as smaller lenders come under pressure after the failure of Silicon Valley Bank. US regional banks have fallen victim to SVB's sudden meltdown, with First Republic Bank shares tumbling 78% and PacWest Bancorp down 53% on Monday. On Sunday, Signature Bank became the third lender to shut its doors in the space of a week, after crypto-friendly bank Silvergate closed voluntarily. Last week, Western Alliance said their liquidity and deposits "remain strong" in an updated financial statement.

Source: Economic Times March 13, 2023 23:49 UTC