(PHOENIX) Alliance Bank of Arizona, a division of Western Alliance Bank, reported record earnings for Western Alliance Bank of $19.8 million for 2011. It was the Bank’s eighth consecutive profitable quarter. Net income for 2010 was $12.8 million. Western Alliance Bank is the Arizona-chartered bank subsidiary of $6.8 billion parent company Western Alliance Bancorporation, also headquartered in Phoenix.
For 2011, record loan growth of $339 million was achieved. Deposits increased up $209 million for 2011. Tier 1 Capital for Western Alliance Bank grew to 8.9% at December 31, 2011, compared to 8.3% at December 31, 2010.
CEO Jim Lundy said, “As the largest locally-owned bank in Arizona, we are pleased to post these record results reflecting our commitment to our customers and making credit available to small and midsize businesses as we work hard to improve the Arizona economy through job creation and capital expansion.”
Founded in 2003, Alliance Bank of Arizona quickly became one of the fastest growing new banks in the country and is a division of Phoenix-based Western Alliance Bank with assets of $2.2 billion. Its parent company, Western Alliance Bancorporation, also headquartered in Phoenix, is one of the largest regional bank holding companies in the Southwest with assets of $6.8 billion. Through banking and financial service subsidiaries in Arizona, California, Nevada and Colorado, Western Alliance Bancorporation serves businesses, entrepreneurs, professionals, nonprofit organizations, high net worth individuals and other consumers seeking the robust product array of a national bank with the individual, personal attention of a community bank, delivered through experienced, local Relationship Managers.