Western Alliance Bancorp. said Tuesday that a group of investors has agreed to infuse $50 million into the Las Vegas company through a private placement.
The infusion will ready the $5.3 billion-asset Western Alliance to take advantage of distressed bank acquisition opportunities and will be used as general corporate purposes, said Dale Gibbons, its chief financial officer.
"It enables us to approach the acquisition market from a position of greater strength," he said.
Western Alliance did not name the investors.
The five-bank holding company has branches in Arizona, California, and Nevada, and Mr. Gibbons said it would look there and in contiguous markets.
In its second-quarter earnings report, Western Alliance reported a Tier 1 risk-based capital ratio of 8.4% and a total risk-based capital ratio of 11%.
