Bank of Nevada parent company raises $50 million in stock sale

Western Alliance Bancorporation, the holding company for Bank of Nevada, said Tuesday that it raised more than $50 million through the sale of 8 million shares of common stock.

That includes a 1 million over-allotment by underwriter Keefe, Bruyette & Woods. The net proceeds, $48 million, will be used for general corporate purposes, including capital injections into its bank subsidiaries.

"Western Alliance's consistent ability to raise capital continues to underscore the value of our franchise," Chairman and CEO Robert Sarver said in a statement.

Contact reporter John G. Edwards at or 702-383-0420.