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Company Description

Contact Info

One East Washington Street

Phoenix, AZ 85004

United States

Phone: 602-389-3500


Western Alliance Bancorporation operates as the bank holding company for Western Alliance Bank that provides various banking products and related services primarily in Arizona, California, and Nevada. The company provides a spectrum of deposit, lending, treasury management, and online banking products and services. The company’s business is concentrated in the Las Vegas, Los Angeles, San Francisco, San Jose, Phoenix, Reno, San Diego and Tucson metropolitan areas. The company operates full-service banking divisions, such as Alliance Bank of Arizona in Arizona; Bank of Nevada in Southern Nevada; Bridge Bank in Northern California; First Independent Bank in Northern Nevada; and Torrey Pines Bank in Southern California. The company also serves business customers through a national platform of specialized financial services, including Alliance Association Bank, Corporate Finance, Equity Fund Resources, Life Sciences Group, Mortgage Warehouse Lending, Public Finance, Renewable Energy Group, Resort Finance, and Technology Finance. In addition, the company has one non-bank subsidiary, Las Vegas Sunset Properties, which holds and manages certain non-performing loans and other real estate owned. The bank also has various significant wholly-owned subsidiaries, such as WAB Investments, Inc.; BON Investments, Inc.; and TPB Investments, Inc. - each hold certain investment securities, municipal and non-profit loans, and leases. BW Real Estate, Inc. - operates as a real estate investment trust and holds certain real estate loans and related securities. Lending Activities The company provides various financial services to customers, including commercial real estate (CRE) loans, construction and land development loans, commercial loans, and consumer loans. Commercial and Industrial: Commercial and industrial loans include working capital lines of credit, inventory and accounts receivable lines, mortgage warehouse lines, equipment loans and leases, and other commercial loans. Loans to technology companies, tax exempt municipalities, and not-for-profit organizations are categorized as commercial and industrial loans. CRE: Loans to finance the purchase or refinancing of CRE and loans to finance inventory and working capital that are additionally secured by CRE make up the majority of the company’s loan portfolio. These CRE loans are secured by apartment buildings, professional offices, industrial facilities, retail centers and other commercial properties. Construction and Land Development: Construction and land development loans include multi-family apartment projects, industrial/warehouse properties, office buildings, retail centers, and medical facilities. Consumer: The company’s consumer loans include: home equity loans and lines of credit, home improvement loans, and personal lines of credit. Investment Activities As of December 31, 2014, the company’s investment portfolio included collateralized debt obligations; commercial mortgage-backed securities issued by government-sponsored enterprises; corporate debt securities; Community Reinvestment Act investments; municipal obligations; preferred stock; private label commercial mortgage-backed securities; private label residential mortgage-backed securities; residential mortgage-backed securities issued by government-sponsored enterprises; trust preferred securities; and U.S. treasury securities. Deposit Products The company offers various deposit products, including checking accounts, savings accounts, money market accounts, and other types of deposit accounts, including fixed-rate, fixed maturity certificates of deposit. Financial Products and Services In addition to traditional commercial banking activities, the company offers other financial services to its customers, including Internet banking, wire transfers, electronic bill payment, lock box services, courier, and cash management services. Foreign Operations The company provides loans, letters of credit, foreign exchange, and other trade-related services to commercial enterprises that conduct business outside the U.S. Supervision and Regulation The company is a bank holding company, registered with the Board of Governors of the Federal Reserve (the Federal Reserve), under the Bank Holding Company Act of 1956. As such, the Federal Reserve is the company’s primary federal regulator, and the company is subject to extensive regulation, supervision and examination by the Federal Reserve. The bank is a member of the Federal Reserve System and both the company and the bank are regulated by the Federal Reserve Bank. In addition, the bank is chartered in Arizona and is subject to supervision by the Arizona Department of Financial Institutions. Deposits in the bank are insured by the Federal Deposit Insurance Corporation to applicable limits through the Deposit Insurance Fund. The company’s ability to pay dividends is subject to the regulatory authority of the Federal Reserve.


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Valuation WAL Industry Range
Price/Earnings 15.5x
Price/Sales 5.9x
Price/Book 2.1x
Price/Cash Flow 15.8x
TEV/Sales 4.8x

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