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In response to investor inquiries about a recent peer bank 8-K filing, Western Alliance Bancorporation ("Company") is providing additional information about one of Western Alliance Bank's ("Bank") credit relationships.
The Bank has a note finance revolving credit facility to Cantor Group V, LLC secured by pledged commercial real estate loans and their cash proceeds. In August, the Bank initiated a lawsuit alleging fraud by the borrower in failing to provide collateral loans in first position, among other claims. We have evaluated the existing collateral and believe it covers the obligation, based on "as-is" appraisals. Additionally, the Bank has a limited guaranty and full guaranty from two ultra-high net worth individuals under certain circumstances, such as fraud.
As projected, the Company's total criticized assets are lower than they were on June 30, 2025.
At this time, the Company affirms its guidance and 2025 outlook included in the Company's Second Quarter 2025 Financial Results press release dated July 17, 2025.
Posted In: WAL
