Western Alliance Bancorporation (WAL) Prices Offering of 2.3 Million Shares of Common Stock at $91/sh

Western Alliance Bancorporation (“Western Alliance”) (NYSE: WAL) today announced the pricing of 2.3 million shares of common stock at $91.00 per share for a total offering of approximately $209 million, to support the recently announced AmeriHome acquisition and its future growth. Western Alliance sold these shares through a registered direct offering to existing institutional shareholders.

“We greatly appreciate the ongoing support and vote of confidence from our shareholders. This capital raise represents another validation of our acquisition of AmeriHome and the industry-leading performance of Western Alliance Bank,” said Kenneth A. Vecchione, President and Chief Executive Officer of Western Alliance.

As a leading national B2B mortgage acquirer and servicer, AmeriHome will extend Western Alliance’s national commercial businesses with a complementary national correspondent mortgage franchise comprised of a network of independent mortgage originators and mortgage servicing portfolio. AmeriHome’s combination of business model, diversified and complementary channels, and sophisticated portfolio management strategies has successfully generated consistent and profitable returns throughout rate environments and economic cycles.

The offering is expected to close on March 8, 2021, subject to the satisfaction of customary closing conditions. The Bank intends to use the net proceeds of the offering for general corporate purposes, including providing capital to support future growth and the repayment, redemption or repurchase of existing indebtedness.

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