Western Alliance shares plummet 65% in early-trading as bank stocks take a beating from SVB's collapse
. It reported total deposits of $61.5 billion, up nearly $8 billion from the end of 2022. It also said it held $2.5 billion cash on its balance sheet.
In a move to calm nerves, the US Treasury, Federal Reserve and the FDIC made a joint statement late Sunday, effectively saying they would make all depositors in SVB and Signature whole. They also said they would set up a new facility, the Bank Term Funding Program, to provide liquidity for banks under stress.
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