8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K

Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) : October 26, 2009

WESTERN ALLIANCE BANCORPORATION
(Exact name of registrant as specified in its charter)

Nevada	001-32550	88-0365922
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

2700 West Sahara Avenue, Las Vegas, Nevada	89102
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (702) 248-4200

Not Applicable(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On October 26, 2009, Western Alliance Bancorporation issued a press release describing its results of operations for the fiscal quarter ended September 30, 2009. That press release is attached hereto as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits. (c) Exhibits.

 Exhibit No.       Description
----------------     -----------------------------------------------------
99.1                    Press Release dated October 26, 2009.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		WESTERN ALLIANCE BANCORPORATION
		(Registrant)
		/s/ Dale Gibbons
		Dale Gibbons
		Executive Vice President and
		Chief Financial Officer
Date:	October 26, 2009

EX-99.1

Exhibit 99.1

Western Alliance Reports Results for the Third Quarter 2009

LAS VEGAS--(BUSINESS WIRE)--October 26, 2009--Western Alliance Bancorporation (NYSE:WAL) announced today its financial results for the third quarter 2009.

Third Quarter 2009 Highlights:

• Record organic growth in customer deposits of $388 million during the quarter to $4.73 billion
• Record customer funds (sum of deposits and customer repurchase agreements) of $5.00 billion, including organic growth of $352 million during the quarter
• Regulatory capital of $669 million and a Total Risk-Based Capital ratio of 14.7 percent, well above the percentage considered “well capitalized” by federal banking standards
• Record liquidity of $795 million held in cash and due from banks
• Net revenue (sum of net interest income and non-interest income, excluding securities activities and losses on the sale of assets) of $57.1 million, down 1.5% from $58.0 million in the second quarter 2009 and down 0.3% from $57.3 million for the third quarter 2008
• Interest margin of 3.69% during the quarter, including 42 basis point effect from record cash position, compared to 4.17% in second quarter 2009 and 4.36% in third quarter 2008
• Incurred a net loss of $23.9 million in the third quarter 2009, compared to $14.1 million net loss in the second quarter 2009 and $94.7 million net loss in the third quarter 2008
• Diluted net loss per common share of $0.37

Financial Performance

Western Alliance Bancorporation reported a net loss of $23.9 million in the third quarter 2009, including a reserve build of $20.0 million, net losses on the sale of assets of $7.3 million, and net gains from securities activities of $5.0 million. The net loss on asset sales includes $3.4 million in write downs on four bank-owned premises. These bank-owned premises are being consolidated into other branch facilities as part of the Company’s efficiency improvement plan. The net gain from securities was primarily from sales of some adjustable rate preferred stock, which had been previously impaired.

Total loans declined $61 million to $3.97 billion at September 30, 2009 from $4.03 billion on June 30, 2009 and increased $21 million from $3.95 billion at September 30, 2008.

Customer funds increased $344 million to $5.00 billion at September 30, 2009 from June 30, 2009, comprised of a $380 million increase in deposits and a $36 million decrease in customer repurchase agreements. From September 30, 2008, customer funds increased $1.25 billion, comprised of a $1.28 billion increase in deposits and a $31 million decrease in customer repurchase agreements. Non-interest bearing title company deposits declined $33 million to $105 million during the 12 months ended September 30, 2009 and decreased $3 million from June 30, 2009.

Robert Sarver, Chairman and Chief Executive Officer of Western Alliance, remarked, “We continue to see the impact of the recession in our particularly hard hit markets on our performance. While non-performing assets continue to rise due to falling collateral values, we have increased our reserve build by $20 million, are consolidating bank branches where appropriate, and begun to execute strategic cost reduction programs. We are in process of merging four of our 41 offices into nearby facilities, as well as centralizing other operations. These efficiency improvements should be visible in the first quarter of 2010.

“These actions, coupled with the franchise value we are creating from our continued exceptional growth in deposits, which are up over $1 billion year to date, should better position the company for strong performance once economic conditions improve.”

Income Statement

Net interest income decreased 1.8 percent to $49.0 million in the third quarter 2009 from $49.9 million in the third quarter 2008. The net interest margin in the third quarter 2009 was 3.69 percent compared to 4.17 percent in the second quarter 2009 and 4.36 percent in the third quarter 2008. The decrease in the interest margin was largely due to increases in our record liquidity position. The effect of our short term investments, primarily balances on deposit at the Federal Reserve, has reduced our margin by approximately 42 basis points.

The provision for loan losses was $50.8 million for the third quarter 2009 compared to $37.6 million for the second quarter 2009 and $14.7 million for the third quarter 2008. Nonaccrual loans and repossessed assets were $239.1 million or 4.10 percent of total assets at September 30, 2009, compared with $158.5 million or 2.78 percent of total assets at June 30, 2009 and $40.6 million or 0.78 percent of total assets at September 30, 2008. Net loan charge-offs in the third quarter 2009 were $30.7 million or 3.05 percent of average loans (annualized), compared to net charge-offs of $30.6 million or 3.00 percent of average loans (annualized) for the second quarter 2009 and $16.3 million or 1.65 percent of average loans (annualized) for the third quarter 2008. Loans past due 90 days and still accruing totaled $2.5 million at quarter end, down from $36.1 million at June 30, 2009 and up from $0.7 million at September 30, 2008. Loans past due 30-89 days totaled $44.0 million at quarter end, down from $75.5 million at June 30, 2009 and up from $35.0 million at September 30, 2008.

Non-interest income, excluding increases in fair value of financial instruments measured at fair value and net losses on the sale of repossessed assets, was $8.1 million for the third quarter 2009, up 9.8 percent from $7.4 million for the same period in 2008. For the second quarter 2009, non-interest income was $7.2 million.

Net revenue (sum of net interest income and non-interest income, excluding securities impairment charges, net mark-to-market gains and net gains/losses on the sale of repossessed assets) was $57.1 million for the third quarter 2009, down 0.3 percent from $57.3 million for the third quarter 2008. For the second quarter 2009, net revenue was $58.0 million.

Non-interest expense (excluding goodwill impairment charges) was $44.8 million for the third quarter 2009, up $4.2 from $40.6 million for the same period in 2008. For the second quarter 2009, non-interest expense was $48.6 million. The Company had 1,023 full-time equivalent employees at September 30, 2009, compared to 1,076 at June 30, 2009 and 1,017 one year ago.

The net loss increased $9.8 million to $23.9 million for the third quarter 2009 compared to a $14.1 million net loss for the second quarter 2009. Diluted loss per share was $0.37 compared with a $0.31 diluted loss per share for the second quarter 2009. Average diluted shares increased 34.7 percent to 71.7 million for the third quarter 2009 compared to 53.3 million for the second quarter primarily due to the common equity offering completed in May 2009.

Balance Sheet

Gross loans totaled $3.97 billion at September 30, 2009, a decrease of 1.5 percent from June 30, 2009 and an increase of 0.5 percent from $3.95 billion at September 30, 2008. At September 30, 2009 the allowance for loan losses was 2.62 percent of gross loans up from 2.09 percent at June 30, 2009 and 1.45 percent at September 30, 2008.

Customer funds totaled $5.00 billion at September 30, 2009, an increase of $344 million or 7.4 percent from June 30, 2009 and an increase of $1.25 billion or 33.4 percent from $3.74 billion at September 30, 2008.

Non-interest bearing deposits comprised 24.4 percent of total deposits at September 30, 2009. As of September 30, 2009, non-interest bearing deposits from title companies were 2.3 percent of total deposits, compared to 2.5 percent at June 30, 2009, and 4.0 percent at September 30, 2008.

At September 30, 2009 the Company’s loans were 79.4 percent of customer funds, compared to 105.4 percent one year earlier and 86.6 percent at June 30, 2009. Wholesale borrowings, including non-relationship brokered deposits, totaled $201 million at September 30, 2009, down $771 million from $972 million one year earlier, and down $196 million from $397 million at June 30, 2009.

Stockholders’ equity increased $125 million from September 30, 2008 and decreased $19 million from June 30, 2009 to $603 million at September 30, 2009. Our accumulated other comprehensive income increased to $6.0 million at September 30, 2009, compared to $0.9 million at June 30, 2009 due mainly to the recovery of market values of certain trust preferred securities. At September 30, 2009 tangible common equity was 7.3 percent of tangible assets and total risk-based capital was 14.7 percent of risk-weighted assets.

Total assets increased 11.5 percent to $5.83 billion at September 30, 2009 from $5.23 billion at September 30, 2008.

Operating Unit Highlights

Our Nevada banking operations, which are comprised of Bank of Nevada and First Independent Bank of Nevada, reported that loans declined $85 million during the third quarter and declined $145 million during the last 12 months to $2.49 billion at September 30, 2009. Customer funds increased $239 million and $565 million to $2.96 billion during the same periods, respectively. Net loss for our Nevada banks was $23.8 million during the third quarter 2009, compared with a net loss of $90.9 million during the third quarter 2008, including a $79.2 million goodwill impairment charge.

Our California banking operations, which are comprised of Torrey Pines Bank and Alta Alliance Bank, reported that loans declined $5 million during the third quarter 2009 and increased $56 million during the last 12 months to $768 million. Customer funds increased $44 million and $439 million to $1.12 billion during the same periods, respectively. Net income for our California banks was $0.3 million during the third quarter 2009 compared with a net loss of $2.9 million during the third quarter 2008.

Our Arizona banking operations, which consists of Alliance Bank of Arizona, reported loan growth of $19 million during the third quarter 2009 and an increase of $85 million during the last 12 months to $708 million. Customer funds increased $60 million and $232 million to $928 million during the same periods, respectively. Net loss for our Arizona banks was $1.1 million during the third quarter 2009 compared with a net loss of $1.7 million during the third quarter 2008.

Our Asset Management business line, which includes Miller/Russell and Associates, Shine Investments Advisory Services and Premier Trust, had assets under management of $1.68 billion at September 30, 2009, down 14.7 percent from $1.97 billion at September 30, 2008. Assets under administration by the three entities decreased 12.0 percent from $2.16 billion at September 30, 2008 to $1.90 billion at September 30, 2009. Net loss for the Asset Management segment for the quarter ended September 30, 2009 was $0.4 million, including a goodwill impairment charge at Miller/Russell and Associates of $0.6 million.

Our affinity credit card business line, PartnersFirst, has customer receivables of $47 million, an increase of $24 million since September 30, 2008. Pretax losses incurred by PartnersFirst for the quarter ended September 30, 2009 were $3.2 million.

Attached to this press release is summarized financial information for the quarter ended September 30, 2009.

Conference Call

Western Alliance Bancorporation will host a conference call to discuss its third quarter 2009 financial results at 10:30 a.m. ET on Monday, October 26, 2009. Participants may access the call by dialing 1-800-860-2442. The call will be recorded and made available for replay after 2:00 p.m. ET October 26 until 9 a.m. ET by dialing 1-877-344-7529 using the pass code 434903.

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. 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: factors listed in the Form 10-K 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 loan losses; legislative or regulatory changes or changes in accounting principles, policies or guidelines; 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.

We do not intend and disclaim any duty or obligation to update or revise any industry information or forward-looking statements set forth in this press release to reflect new information, future events or otherwise.

About Western Alliance Bancorporation

Western Alliance Bancorporation is the parent company of Bank of Nevada, First Independent Bank of Nevada, Alliance Bank of Arizona, Torrey Pines Bank, Alta Alliance Bank, Miller/Russell & Associates, Shine Investment Advisory Services, Premier Trust, and PartnersFirst. These dynamic organizations provide a broad array of banking, leasing, trust, investment, and mortgage services to clients in Nevada, Arizona and California, investment services in Colorado, and bank card services nationwide. Staffed with experienced financial professionals, these organizations deliver a broader product array and larger credit capacity than community banks, yet are empowered to be more responsive to customers' needs than larger institutions. Additional investor information can be accessed on the Investor Relations page of the company's website, www.westernalliancebancorp.com.

Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data
Unaudited
	At or for the Three Months											For the Nine Months
	Ended September 30,											Ended September 30,
	2009				2008				Change %			2009				2008				Change %
Selected Balance Sheet Data:
($ in millions)
Total assets	$	5,831.3			$	5,229.0			11.5		%
Gross loans, including net deferred fees		3,968.0				3,947.2			0.5
Securities and money market investments		727.8				622.0			17.0
Federal funds sold and other		5.0				35.1			(85.8	)
Customer funds		4,996.3				3,744.4			33.4
Borrowings and brokered deposits		99.4				865.1			(88.5	)
Junior subordinated and subordinated debt		101.9				106.7			(4.5	)
Stockholders' equity		602.9				477.9			26.2
Selected Income Statement Data:
($ in thousands)
Interest income	$	67,746			$	74,025			(8.5	)	%	$	208,210			$	223,503			(6.8	)	%
Interest expense		18,776				24,163			(22.3	)			57,709				78,777			(26.7	)
Net interest income		48,970				49,862			(1.8	)			150,501				144,726			4.0
Provision for loan losses		50,750				14,716			244.9				108,307				35,927			201.5
Net interest income after provision for loan losses		(1,780	)			35,146			(105.1	)			42,194				108,799			(61.2	)
Securities gains (losses) and other valuation changes		5,019				(27,350	)		(118.4	)			(20,694	)			(30,338	)		(31.8	)
Net gain (loss) on sale of repossessed assets and bank premises		(7,283	)			(32	)		22,659.4				(16,193	)			321			(5,144.5	)
Other noninterest income		8,142				7,412			9.8				22,167				22,429			(1.2	)
Noninterest expense		45,428				119,924			(62.1	)			182,540				197,119			(7.4	)
Income (loss) before income taxes		(41,330	)			(104,748	)		(60.5	)			(155,066	)			(95,908	)		61.7
Income tax expense (benefit)		(17,415	)			(10,040	)		73.5				(30,572	)			(7,757	)		294.1
Net income (loss)	$	(23,915	)		$	(94,708	)		(74.7	)		$	(124,494	)		$	(88,151	)		41.2
Intangible asset amortization expense, net of tax	$	614			$	598			2.7			$	1,843			$	1,706			8.0
Diluted net income (loss) per common share	$	(0.37	)		$	(2.84	)		(87.0	)		$	(2.42	)		$	(2.86	)		(15.4	)
Common Share Data:
Diluted net income (loss) per common share	$	(0.37	)		$	(2.84	)		(87.0	)	%	$	(2.42	)		$	(2.86	)		(15.4	)	%
Book value per common share		6.56				12.41			(47.1	)
Tangible book value per share (net of tax)		5.94				8.44			(29.6	)
Average shares outstanding (in thousands):
Basic		71,697				33,299			115.3				54,471				30,867			76.5
Diluted		71,697				33,299			115.3				54,471				30,867			76.5
Common shares outstanding		72,489				38,499			88.3
Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data (continued)
Unaudited
	At or for the Three Months											For the Nine Months
	Ended Sept. 30,											Ended Sept. 30,
	2009				2008				Change %			2009				2008				Change %
Selected Performance Ratios:
Return on average assets (1)		(1.63	)	%		(7.23	)	%	(77.5	)	%		(3.03	)	%		(2.27	)	%	33.5		%
Cash return on average tangible assets (1)(2)		(1.60	)			(7.43	)		(78.5	)			(3.02	)			(2.31	)		30.7
Return on average stockholders' equity (1)		(14.78	)			(71.63	)		(79.4	)			(30.16	)			(23.06	)		30.8
Cash return on average tangible stockholders' equity (1)(2)		(15.83	)			(104.79	)		(84.9	)			(33.23	)			(33.79	)		(1.7	)
Net interest margin (1)		3.69				4.36			(15.4	)			4.07				4.27			(4.7	)
Net interest spread		3.26				3.87			(15.8	)			3.63				3.71			(2.2	)
Efficiency ratio - tax equivalent basis		78.34				70.45			11.2				78.94				69.95			12.9
Loan to deposit ratio		83.50				112.49			(25.8	)
Capital Ratios:
Tangible equity		9.5		%		6.3		%	50.8		%
Tangible common equity		7.3				6.3			15.9
Tier 1 Leverage ratio		9.6				8.3			15.7
Tier 1 Risk Based Capital		12.1				8.9			36.0
Total Risk Based Capital		14.7				11.4			28.9
Asset Quality Ratios:
Net charge-offs to average loans outstanding (1)		3.05		%		1.65		%	84.8		%		2.60		%		0.98		%	165.3		%
Nonaccrual loans to gross loans		4.19				0.71			490.1
Nonaccrual loans and repossessed assets to total assets		4.10				0.78			425.6
Loans past due 90 days and still accruing to total loans		0.06				0.02			200.0
Allowance for loan losses to gross loans		2.62				1.45			80.7
Allowance for loan losses to nonaccrual loans		62.65				204.58			(69.4	)
===================================================
(1) Annualized for the three and nine-month periods ended September 30, 2009 and 2008.
(2) Cash return is defined as net income before intangible asset amortization expense.

Western Alliance Bancorporation and Subsidiaries
Condensed Consolidated Statements of Operations
Unaudited	Three Months Ended						Nine Months Ended
	September 30,						September 30,
($ in thousands, except per share data)	2009			2008			2009			2008
Interest income on:
Loans, including fees	$	61,046		$	64,977		$	187,567		$	193,498
Securities		6,225			8,968			19,939			29,730
Federal funds sold and other		475			80			704			275
Total interest income		67,746			74,025			208,210			223,503
Interest expense on:
Deposits		15,678			16,844			46,817			53,566
Borrowings		1,841			5,677			7,174			19,841
Junior subordinated and subordinated debt		1,257			1,642			3,718			5,370
Total interest expense		18,776			24,163			57,709			78,777
Net interest income		48,970			49,862			150,501			144,726
Provision for loan losses		50,750			14,716			108,307			35,927
Net interest income after provision for loan losses		(1,780	)		35,146			42,194			108,799
Mark-to-market gains (losses), net		6,063			5,338			21,342			7,630
Securities impairment charges		(1,044	)		(32,688	)		(42,036	)		(37,968	)
Net loss on repossessed assets and bank premises		(7,283	)		(32	)		(16,193	)		321
Other income:
Trust and investment advisory services		2,369			2,668			6,967			8,199
Service charges		2,212			1,586			5,874			4,424
Bank owned life insurance		574			593			1,523			1,966
Other		2,987			2,565			7,803			7,840
		8,142			7,412			22,167			22,429
Other expense:
Compensation		24,488			21,812			73,839			65,263
Occupancy		5,428			5,280			15,953			15,487
Customer service		2,827			910			8,777			3,223
Intangible amortization		945			920			2,835			2,624
Goodwill impairment		576			79,242			45,576			79,242
Other		11,164			11,760			35,560			31,280
		45,428			119,924			182,540			197,119
Income (loss) before income taxes		(41,330	)		(104,748	)		(155,066	)		(95,908	)
Income tax expense (benefit)		(17,415	)		(10,040	)		(30,572	)		(7,757	)
Net income (loss)	$	(23,915	)	$	(94,708	)	$	(124,494	)	$	(88,151	)
Preferred stock dividends	$	1,750			-			5,250			-
Accretion on preferred stock discount		689			-			2,045			-
Net income (loss) available to common stockholders	$	(26,354	)	$	(94,708	)	$	(131,789	)	$	(88,151	)
Diluted earnings (loss) per share	$	(0.37	)	$	(2.84	)	$	(2.42	)	$	(2.86	)

Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Statements of Operations
Unaudited
	Quarter Ended
($ in thousands, except per share data)	Sept. 30, 2009			Jun. 30, 2009			Mar. 31, 2009			Dec. 31, 2008			Sept. 30, 2008
Interest income on:
Loans, including fees	$	61,046		$	63,268		$	63,253		$	64,030		$	64,977
Securities		6,225			6,822			6,892			8,011			8,968
Federal funds sold and other		475			206			23			47			80
Total interest income		67,746			70,296			70,168			72,088			74,025
Interest expense on:
Deposits		15,678			16,026			15,113			15,185			16,183
Borrowings		1,841			2,271			3,062			4,834			6,338
Junior subordinated and subordinated debt		1,257			1,198			1,263			1,887			1,642
Total interest expense		18,776			19,495			19,438			21,906			24,163
Net interest income		48,970			50,801			50,730			50,182			49,862
Provision for loan losses		50,750			37,573			19,984			32,262			14,716
Net interest income after provision for loan losses		(1,780	)		13,228			30,746			17,920			35,146
Mark-to-market gains (losses), net		6,063			11,264			4,015			3,314			5,251
Securities impairment charges		(1,044	)		(2,587	)		(38,405	)		(118,864	)		(32,688	)
Net loss on repossessed assets and bank premises		(7,283	)		(3,974	)		(4,936	)		(1,000	)		(32	)
Other income:
Trust and other fees		2,369			2,361			2,237			2,290			2,668
Service charges		2,212			1,980			1,682			1,711			1,586
Bank owned life insurance		574			435			514			673			593
Other		2,987			2,392			2,424			2,469			2,601
		8,142			7,168			6,857			7,143			7,448
Other expense:
Compensation		24,488			24,527			24,824			23,086			21,812
Occupancy		5,428			5,254			5,271			5,404			5,280
Customer service		2,827			3,465			2,485			934			910
Intangible amortization		945			945			945			1,007			920
Goodwill impairment		576			-			45,000			59,603			79,242
Other		11,164			14,425			9,971			13,197			11,709
		45,428			48,616			88,496			103,231			119,873
Income (loss) before income taxes		(41,330	)		(23,517	)		(90,219	)		(194,718	)		(104,748	)
Income tax expense (benefit)		(17,415	)		(9,380	)		(3,777	)		(46,409	)		(10,040	)
Net income (loss)	$	(23,915	)	$	(14,137	)	$	(86,442	)	$	(148,309	)	$	(94,708	)
Preferred stock dividends		1,750			1,750			1,750			778			-
Accretion on preferred stock discount		689			674			682			303			-
Net income (loss) available to common stockholders	$	(26,354	)	$	(16,561	)	$	(88,874	)	$	(149,390	)	$	(94,708	)
Diluted earnings (loss) per share	$	(0.37	)	$	(0.31	)	$	(2.33	)	$	(3.94	)	$	(2.84	)

Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Balance Sheets
Unaudited
	Sept. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sept. 30,
($ in millions)	2009			2009			2009			2008			2008
Assets
Cash and due from banks	$	752.9		$	548.6		$	224.3		$	136.8		$	137.8
Federal funds sold and other		5.0			20.3			3.3			3.2			35.1
Cash and cash equivalents		757.9			568.9			227.6			140.0			172.9
Securities and money market investments		727.8			725.7			583.6			565.4			622.0
Gross loans, including net deferred loan fees:
Construction and land development		685.2			727.4			793.5			820.9			804.9
Commercial real estate		1,925.7			1,866.0			1,827.3			1,763.4			1,673.9
Residential real estate		600.4			595.0			586.5			589.2			571.9
Commercial		687.7			768.9			806.8			860.3			842.8
Consumer		77.3			80.5			71.2			71.1			62.0
Net deferred fees		(8.3	)		(8.9	)		(9.5	)		(9.2	)		(8.3	)
		3,968.0			4,028.9			4,075.8			4,095.7			3,947.2
Less: Allowance for loan losses		(104.2	)		(84.1	)		(77.2	)		(74.8	)		(57.1	)
Loans, net		3,863.8			3,944.8			3,998.6			4,020.9			3,890.1
Premises and equipment, net		128.6			136.7			138.1			140.9			142.9
Bank owned life insurance		91.8			91.3			90.8			90.7			90.0
Goodwill and other intangibles		51.6			53.1			54.1			100.0			160.6
Other assets		209.8			181.0			174.5			184.9			150.5
Total assets	$	5,831.3		$	5,701.5		$	5,267.3		$	5,242.8		$	5,229.0
Liabilities and Stockholders' Equity
Liabilities
Noninterest bearing demand deposits	$	1,154.8		$	1,108.6		$	1,039.2		$	1,010.6		$	985.0
Interest bearing deposits:
Demand		339.4			296.3			260.6			253.5			237.4
Savings and money market		1,802.5			1,704.2			1,579.0			1,342.8			1,377.8
Time, $100 and over		875.0			714.7			642.0			647.4			590.4
Other time		560.5			528.4			500.7			338.1			258.4
		4,732.2			4,352.2			4,021.5			3,592.4			3,449.0
Customer repurchase agreements		264.1			300.4			272.3			321.0			295.4
Total customer funds		4,996.3			4,652.6			4,293.8			3,913.4			3,744.4
Wholesale brokered deposits		20.0			40.0			40.0			60.0			60.0
Borrowings		79.4			254.4			370.8			637.1			805.1
Junior subordinated and subordinated debt		101.9			102.3			102.8			103.0			106.7
Accrued interest payable and other liabilities		30.8			30.6			32.9			33.8			34.9
Total liabilities		5,228.4			5,079.9			4,840.3			4,747.3			4,751.1
Stockholders' Equity
Common stock and additional paid-in capital		681.9			680.1			486.2			484.2			466.0
Preferred Stock		127.2			126.6			125.9			125.2			-
Retained earnings (deficit)		(212.2	)		(186.0	)		(169.4	)		(85.4	)		64.0
Accumulated other comprehensive loss		6.0			0.9			(15.7	)		(28.5	)		(52.1	)
Total stockholders' equity		602.9			621.6			427.0			495.5			477.9
Total liabilities and stockholders' equity	$	5,831.3		$	5,701.5		$	5,267.3		$	5,242.8		$	5,229.0

Western Alliance Bancorporation and Subsidiaries
Changes in the Allowance For Loan Losses
Unaudited
	Quarter Ended
	Sept. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sept. 30,
($ in thousands)	2009			2009			2009			2008			2008
Balance, beginning of period	$	84,143		$	77,184		$	74,827		$	57,097		$	58,688
Provisions charged to operating expenses		50,750			37,573			19,984			32,262			14,716
Recoveries of loans previously charged-off:
Construction and land development		608			212			-			28			4
Commercial real estate		139			-			-			3			-
Residential real estate		11			143			51			12			31
Commercial and industrial		442			501			370			131			115
Consumer		6			42			29			13			12
Total recoveries		1,206			898			450			187			162
Loans charged-off:
Construction and land development		13,717			10,381			1,850			2,197			10,113
Commercial real estate		3,125			6,310			1,117			1,364			1,366
Residential real estate		5,619			6,427			6,127			3,387			758
Commercial and industrial		8,329			7,355			7,965			6,975			4,173
Consumer		1,128			1,039			1,018			796			59
Total charged-off		31,918			31,512			18,077			14,719			16,469
Net charge-offs		30,712			30,614			17,627			14,532			16,307
Balance, end of period	$	104,181		$	84,143		$	77,184		$	74,827		$	57,097
Net charge-offs (annualized) to average loans outstanding		3.05	%		3.00	%		1.72	%		1.45	%		1.66	%
Allowance for loan losses to gross loans		2.62			2.09			1.89			1.83			1.45
Nonaccrual loans	$	166,286		$	116,377		$	98,653		$	58,302		$	27,909
Repossessed assets		72,807			42,137			15,455			14,545			12,681
Loans past due 90 days, still accruing		2,538			36,060			53,239			11,515			686
Loans past due 30 to 89 days, still accruing		43,980			75,480			53,123			45,193			34,990

Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
	Three Months Ended September 30,
	2009							2008
	Average Balance			Interest		Average Yield/ Cost		Average Balance			Interest		Average Yield/ Cost
Earning Assets	($ in millions)			($ in thousands)				($ in millions)			($ in thousands)
Securities (1)	$	600.8		$	5,781	3.91	%	$	611.5		$	8,355	5.74	%
Federal funds sold & other		35.6			475	5.29	%		15.8			80	2.01	%
Loans (1)		4,027.0			61,046	6.01	%		3,926.0			64,977	6.58	%
Short term investments		570.3			334	0.23	%		-			-	0.00	%
Restricted stock		41.1			110	1.06	%		40.9			613	5.96	%
Total earnings assets		5,274.8			67,746	5.11	%		4,594.2			74,025	6.45	%
Non-earning Assets
Cash and due from banks		220.0							118.2
Allowance for loan losses		(89.5	)						(60.4	)
Bank owned life insurance		91.4							89.6
Other assets		336.9							467.9
Total assets	$	5,833.6						$	5,209.5
Interest-bearing liabilities
Sources of Funds
Interest-bearing deposits:
Interest-bearing checking	$	326.9		$	928	1.13	%	$	252.9		$	969	1.52	%
Savings and money market		1,777.4			6,700	1.50	%		1,538.7			8,666	2.24	%
Time deposits		1,343.5			8,050	2.38	%		792.9			6,548	3.29	%
		3,447.8			15,678	1.80	%		2,584.5			16,183	2.49	%
Borrowings		467.8			1,841	1.56	%		1,020.5			6,338	2.47	%
Junior subordinated and subordinated debt		102.3			1,257	4.87	%		114.2			1,642	5.72	%
Total interest-bearing liabilities		4,017.9			18,776	1.85	%		3,719.2			24,163	2.58	%
Noninterest-bearing liabilities
Noninterest-bearing demand deposits		1,141.3							943.3
Other liabilities		32.4							21.0
Stockholders’ equity		642.0							526.0
Total liabilities and stockholders' equity	$	5,833.6						$	5,209.5
Net interest income and margin				$	48,970	3.69	%				$	49,862	4.36	%
Net interest spread						3.26	%						3.87	%
(1) Yields on loans and securities have been adjusted to a tax equivalent basis. The taxable-equivalent adjustment was $141 and $470 for the third quarter ended 2009 and 2008, respectively.

Western Alliance Bancorporation and Subsidiaries
Operating Segment Results																			Inter-
Unaudited																			segment			Consoli-
										Asset			Credit Card						Elimi-			dated
($ in millions)	Nevada			California			Arizona			Management			Services			Other			nations			Company
At Sept. 30, 2009:
Assets	$	3,457.1		$	1,217.5		$	1,024.9		$	19.3		$	47.4		$	118.6		$	(53.5	)	$	5,831.3
Gross loans and deferred fees		2,488.8			767.9			707.6			-			46.7			-			(43.0	)		3,968.0
Less: Allowance for loan losses		(74.9	)		(9.4	)		(16.6	)		-			(3.3	)		-			-			(104.2	)
Net loans		2,413.9			758.5			691.0			-			43.4			-			(43.0	)		3,863.8
Customer deposits		2,772.9			1,089.5			877.4			-			-			-			(7.6	)		4,732.2
Stockholders' equity		315.7			125.8			73.6			17.1			(5.2	)		81.4			(5.5	)		602.9
No. of branches		21			9			11			-			-			-			-			41
No. of FTE		583			182			145			43			29			41			-			1,023
(in thousands)
Three Months Ended Sept. 30, 2009:
Net interest income	$	29,918		$	10,266		$	8,160		$	12		$	629		$	(15	)	$	-		$	48,970
Provision for loan losses		41,931			2,028			4,866			-			1,925			-			-			50,750
Net interest income after provision for loan losses		(12,013	)		8,238			3,294			12			(1,296	)		(15	)		-			(1,780	)
Securities gains (losses) and other valuation changes		744			176			66			75			-			1,818			2,140			5,019
Net gain (loss) on sale of repossessed assets		(6,658	)		-			(625	)		-			-			-			-			(7,283	)
Noninterest income, excluding securities and fair value gains (losses)		3,457			897			1,610			2,377			614			388			(1,201	)		8,142
Noninterest expense		(23,132	)		(8,951	)		(6,319	)		(2,640	)		(2,515	)		(3,072	)		1,201			(45,428	)
Income (loss) before income taxes		(37,602	)		360			(1,974	)		(176	)		(3,197	)		(881	)		2,140			(41,330	)
Income tax expense (benefit)		(13,784	)		26			(849	)		217			(1,340	)		(287	)		(1,398	)		(17,415	)
Net income (loss)	$	(23,818	)	$	334		$	(1,125	)	$	(393	)	$	(1,857	)	$	(594	)	$	3,538		$	(23,915	)
($ in thousands)
Nine Months Ended Sept. 30, 2009:
Net interest income	$	94,186		$	31,781		$	24,525		$	43		$	1,459		$	(1,493	)	$	-		$	150,501
Provision for loan losses		86,580			4,818			13,081			-			3,828			-			-			108,307
Net interest income after provision for loan losses		7,606			26,963			11,444			43			(2,369	)		(1,493	)		-			42,194
Securities gains (losses) and other valuation changes		(5,498	)		916			270			75			-			825			(17,282	)		(20,694	)
Net gain (loss) on sale of repossessed assets		(11,748	)		-			(4,445	)		-			-			-			-			(16,193	)
Noninterest income, excluding securities and fair value gains (losses)		9,362			2,552			4,156			6,991			1,307			1,098			(3,299	)		22,167
Noninterest expense		(115,812	)		(29,661	)		(20,669	)		(6,953	)		(7,829	)		(6,918	)		5,302			(182,540	)
Income (loss) before income taxes		(116,090	)		770			(9,244	)		156			(8,891	)		(6,488	)		(15,279	)		(155,066	)
Income tax expense (benefit)		(25,165	)		662			(3,577	)		459			(3,726	)		(2,426	)		3,201			(30,572	)
Net income (loss)	$	(90,925	)	$	108		$	(5,667	)	$	(303	)	$	(5,165	)	$	(4,062	)	$	(18,480	)	$	(124,494	)
Western Alliance Bancorporation and Subsidiaries
Operating Segment Results																			Inter-
Unaudited																			segment			Consoli-
										Asset			Credit Card						Elimi-			dated
($ in millions)	Nevada			California			Arizona			Management			Services			Other			nations			Company
At Sept. 30, 2008:
Assets	$	3,596.2		$	917.4		$	853.4		$	18.8		$	24.2		$	24.8		$	(205.8	)	$	5,229.0
Gross loans and deferred fees		2,633.6			711.6			622.2			-			22.8			-			(43.0	)		3,947.2
Less: Allowance for loan losses		(40.5	)		(7.7	)		(8.2	)		-			(0.7	)		-			-			(57.1	)
Net loans		2,593.1			703.9			614.0			-			22.1			-			(43.0	)		3,890.1
Customer deposits		2,151.0			666.2			654.6			-			-			-			(22.8	)		3,449.0
Stockholders' equity		355.0			73.0			58.7			17.1			-			(25.9	)		-			477.9
No. of branches		21			9			11			-			-			-			-			41
No. of FTE		597			154			144			46			38			38			-			1,017
($ in thousands)
Three Months Ended Sept. 30, 2008:
Net interest income	$	33,069		$	10,048		$	7,597		$	15		$	139		$	(1,006	)	$	-		$	49,862
Provision for loan losses		11,024			1,427			2,036			-			229			-			-			14,716
Net interest income after provision for loan losses		22,045			8,621			5,561			15			(90	)		(1,006	)		-			35,146
Securities gains (losses) and other valuation changes		(23,833	)		(7,402	)		(3,757	)		-			-			7,642			-			(27,350	)
Net gain (loss) on sale of repossessed assets		(32	)		-			-			-			-			-			-			(32	)
Noninterest income, excluding securities and fair value gains (losses)		2,883			542			1,510			2,726			295			309			(853	)		7,412
Noninterest expense		(98,731	)		(6,707	)		(6,154	)		(2,251	)		(4,448	)		(2,486	)		853			(119,924	)
Income (loss) before income taxes		(97,668	)		(4,946	)		(2,840	)		490			(4,243	)		4,459			-			(104,748	)
Income tax expense (benefit)		(6,769	)		(2,090	)		(1,149	)		223			(1,772	)		1,517			-			(10,040	)
Net income (loss)	$	(90,899	)	$	(2,856	)	$	(1,691	)	$	267		$	(2,471	)	$	2,942		$	-		$	(94,708	)
($ in thousands)
Nine Months Ended Sept. 30, 2008:
Net interest income	$	98,106		$	27,855		$	22,238		$	60		$	73		$	(3,606	)	$	-		$	144,726
Provision for loan losses		28,271			3,444			3,521			-			691			-			-			35,927
Net interest income after provision for loan losses		69,835			24,411			18,717			60			(618	)		(3,606	)		-			108,799
Securities gains (losses) and other valuation changes		(33,778	)		(7,785	)		(4,332	)		-			-			15,557			-			(30,338	)
Net loss on repossessed assets, bank premises		(59	)		-			380			-			-			-			-			321
Noninterest income, excluding securities and fair value gains (losses)		9,099			1,557			4,511			8,252			597			673			(2,260	)		22,429
Noninterest expense		(137,581	)		(19,502	)		(18,787	)		(7,223	)		(9,357	)		(6,929	)		2,260			(197,119	)
Income (loss) before income taxes		(92,484	)		(1,319	)		489			1,089			(9,378	)		5,695			-			(95,908	)
Income tax expense (benefit)		(5,796	)		(576	)		64			517			(3,905	)		1,939			-			(7,757	)
Net income (loss)	$	(86,688	)	$	(743	)	$	425		$	572		$	(5,473	)	$	3,756		$	-		$	(88,151	)

CONTACT:
Western Alliance Bancorporation
MEDIA CONTACT:
Robert Sarver, Chairman/CEO
602-952-5445
or
INVESTOR CONTACT:
Dale Gibbons, CFO
702-252-6236