New York (CNN) 鈥� Regional bank stocks surged on Wednesday after Western Alliance reported that customer deposits are growing.
Western Alliance said in a regulatory filing Tuesday that its deposit balances stabilized by late March, and that its deposit growth exceeded $2 billion between March 31 and May 12 to around $50 billion. That鈥檚 up from $46.7 billion as of the end of last quarter.
Western Alliance shares rose roughly 13%, recouping its and then some from the last two weeks.
Shares of other beaten-down regional lenders rallied on the news. The SPDR S&P Regional Banking exchange-traded fund rose about 6%. PacWest shares rose about 18%, KeyCorp added 7% and Comerica marched up 11%.
Western Alliance鈥檚 latest deposit update comes after it earlier this month that it鈥檚 exploring strategic options, including a potential sale. The report, along with PacWest鈥檚 confirmation that , helped accelerate a steep sell-off in regional bank stocks that started when in March.
Shares of Western Alliance are down about 40% for the year.
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