Bank of Nevada’s parent to sell shares to Treasury

By Nicole Lucht

Thursday, Nov. 13, 2008 | 11:18 a.m.

Western Alliance Bancorp announced today it has received preliminary approval to sell $140 million in preferred stock and warrants to the Treasury Department, part of a $250 billion fund to inject money into banks.

Congress approved the $700 billion bailout, which is providing the funds, in early October.

"This investment is further recognition of the strength and stability of Western Alliance," Robert Sarver, the company's chairman and chief executive, said in a statement. "During the third quarter of this year, we successfully raised common equity, reduced our nonperforming assets to only 0.79 percent of total assets, and improved our operating performance metrics. This additional capital will support our continued investment in our markets through prudent lending programs."

Western Alliance is the parent company of Bank of Nevada, the sixth largest bank in Las Vegas in terms of local deposits, according to research by In Business Las Vegas, a sister publication to the Sun. It also operates banks in California and Arizona.