Western Alliance Bancorp Reports $236.5 Million Loss in 2008

Western Alliance Bancorp (NYSE: WAL) reported a loss for the year ended December 31, 2008 of  ($236.5)  million, or ($7.28) per share compared with net income a year earlier of $32.9 million, or $1.06 per share. For the fourth quarter ended December 31, 2008, the company reported a net loss of ($148.3) million, or ($3.94) per share compared with net income a year ago of $2.4 million, or $0.08 per share.

In the news release, which was issued at 12:43 AM Eastern (Don’t Bury the Bad News), Robert Sarver, Chairman and CEO, said, “This past year has been very challenging for our Company due to unprecedented turmoil in the financial industry and housing markets. Despite this difficult operating environment, we succeeded in substantially boosting our capital position, maintaining strong margins, and addressing our most troubled asset class by writing off virtually our entire trust preferred CDO portfolio.”

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