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Western Alliance Bancorporation prices common stock offering.

Global Banking News-15 May 2009-Western Alliance Bancorporation prices common stock offering(C)2009 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 15 May 2009(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

Western Alliance Bancorporation (NYSE: WAL) (KAZ: ASBN) has announced the pricing of an underwritten public offering of 29.2m shares of its common stock at a price of USD6.00 per share for gross proceeds of approximately USD175.2m.

The net proceeds from the offering will be used for general corporate purposes, including to increase liquidity and to provide for additional capital and growth. Western Alliance expects to close the sale of common stock, subject to customary conditions, on May 20, 2009.

Keefe, Bruyette & Woods Inc is acting as the lead book-running manager and DA Davidson & Company is acting as co-manager of the offering. Western Alliance has granted the underwriters a 30-day option to purchase up to an additional 4.38m shares of Western Alliance common stock to cover over-allotments.

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.

[Editorial queries for this story should be sent to gbn@enpublishing.co.uk]

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Publication:Global Banking News (GBN)
Date:May 15, 2009
Words:224
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