Why Shares of Western Alliance, PacWest Bancorp, and KeyCorp Are Rising Today

Shares of bank stocks are rallying today after Western Alliance Bancorporation (NYSE: WAL) issued a positive update on its deposit trends this morning.

Shares of Western Alliance traded more than 10% higher as of 10:20 a.m. ET today. Meanwhile, shares of PacWest Bancorp (NASDAQ: PACW) traded nearly 6.7% higher, while shares of KeyCorp (NYSE: KEY) were up more than 4%.

Western Alliance, which has been one of the most pressured bank stocks since the banking crisis began in March, issued an update on deposits this morning, saying that quarter-to-date deposits have grown $1.8 billion from March 31. The bank also said deposits have grown $600 million since its last update on May 2.

Source Fool.com