PHOENIX--(BUSINESS WIRE)--
Western Alliance Bancorporation (NYSE: WAL) announced today that its
wholly owned subsidiary, Western Alliance Bank, has signed a definitive
agreement to acquire GE Capital’s domestic select-service hotel
franchise finance loan portfolio. The acquisition includes loans
outstanding of about $1.4 billion. Additionally, approximately 35
members of GE Capital’s team that is focused on this sector and already
based in Scottsdale, Ariz., will become part of Western Alliance.
“This acquisition gives Western Alliance the opportunity to establish a
new presence in the attractive risk-adjusted return, select-service
hotel industry,” said Robert Sarver, Chairman and Chief Executive
Officer of Western Alliance. “The exceptional underwriting and credit
management strength of GE Capital’s franchise finance team, the terms of
the transaction and Western Alliance’s executives’ experience in the
hotel space, makes this acquisition both financially and strategically
compelling on behalf of our shareholders.”
The transaction is expected to be immediately accretive to WAL’s
earnings per share, while essentially neutral to liquidity and capital
ratios due to its strong deposit growth and industry-leading capital
generation rates. The transaction is expected to close in April.
About Western Alliance Bancorporation
With $14 billion in assets, top-performing Western Alliance
Bancorporation (NYSE:WAL) is one of the fastest-growing bank holding
companies in the U.S. and recognized as #10 on the Forbes 2016 “Best
Banks in America” list. Its primary subsidiary, Western Alliance Bank,
is the go-to bank for business, and succeeds with local teams of
experienced bankers who deliver superior service and a full spectrum of
deposit, lending, treasury management, international banking and online
banking products and services. Western Alliance Bank operates
full-service banking divisions: Alliance Bank of Arizona, Bank of
Nevada, Bridge Bank, First Independent Bank and Torrey Pines Bank. The
bank also serves business customers through a robust national platform
of specialized financial services, including Corporate Finance, Equity
Fund Resources, Life Sciences Group, Mortgage Warehouse Lending, Public
and Nonprofit Finance, Renewable Resource Group, Resort Finance,
Technology Finance and Alliance Association Bank. For more information,
visit westernalliancebancorporation.com.
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements that relate to
expectations, beliefs, projections, future plans and strategies,
anticipated events or trends and similar expressions concerning matters
that are not historical facts. Examples of forward-looking statements
include, among others, statements we make regarding our expectations
with regard to Bridge Capital Holdings, the performance of the combined
company following the acquisition of Bridge, and any guidance, outlook
or expectations relating to our business, financial and operating
results, and future economic performance. The forward-looking statements
contained herein reflect our current views about future events and
financial performance and are subject to risks, uncertainties,
assumptions and changes in circumstances that may cause our actual
results to differ significantly from historical results and those
expressed in any forward-looking statement. Some factors that could
cause actual results to differ materially from historical or expected
results include, among others: the risk factors discussed in the
Company’s Annual Report on Form 10-K for the year ended December 31,
2015 as filed with the Securities and Exchange Commission; changes in
general economic conditions, either nationally or locally in the areas
in which we conduct or will conduct our business; inflation, interest
rate, market and monetary fluctuations; increases in competitive
pressures among financial institutions and businesses offering similar
products and services; higher defaults on our loan portfolio than we
expect; changes in management’s estimate of the adequacy of the
allowance for credit losses; legislative or regulatory changes or
changes in accounting principles, policies or guidelines; supervisory
actions by regulatory agencies which may limit our ability to pursue
certain growth opportunities, including expansion through acquisitions;
management’s estimates and projections of interest rates and interest
rate policy; the execution of our business plan; and other factors
affecting the financial services industry generally or the banking
industry in particular.
Any forward-looking statement made by us in this release is based only
on information currently available to us and speaks only as of the date
on which it is made. We do not intend and disclaim any duty or
obligation to update or revise any industry information or
forward-looking statements, whether written or oral, that may be made
from time to time, set forth in this press release to reflect new
information, future events or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160329006549/en/
Western Alliance Bancorporation
Media:
Robyn Young,
602- 346-7352
SVP, Director of Marketing & Communications
or
Investors:
Dale
Gibbons, 602-952-5476
Chief Financial Officer
Source: Western Alliance Bancorporation