Why Western Alliance Stock (WAL) Is Down 80% Today

Western Alliance Bancorporation WAL shares are trading lower by 81.52% to $9.10. Shares of several bank stocks are trading lower following the recent closure of Silicon Valley Bank and Signature Bank, the largest bank failures since 2008.

Western Alliance shares have also been halted to the downside 3 times during Monday's session amid the broader volatility in regional bank stocks.

So What's Going On With Recent Bank Closures?

Our Benzinga team reported Sunday that U.S. regulators have taken decisive action to safeguard the country's banking system by shutting down New York-based Signature Bank, becoming the third financial institution to be shuttered after the collapse of Silicon Valley Bank and Silvergate Capital Corp.

The move aims to protect public confidence in the industry, and ensure the banking system continues to protect deposits and provide access to credit to households and businesses, promoting strong and sustainable economic growth.

The regulators said depositors at Signature Bank will have full access to their deposits...Read More

According to data from Benzinga Pro, WAL has a 52-week high of $89.26 and a 52-week low of $9.09.