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Bank of Nevada Assumes All Deposits of Security Savings Bank

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^{Published in Business and Finance on Friday, February 27th 2009 at 17:09 GMT, Last Modified on 2009-02-27 17:10:25 by Market Wire}  

LAS VEGAS--([ BUSINESS WIRE ])--Western Alliance Bancorporation (NYSE:WAL) announced that its Bank of Nevada affiliate has assumed all the deposits of Security Savings Bank after the bank was closed today by the Commissioner of the State of Nevada Financial Institutions Division. The branches of Security Savings Bank will open Monday morning as branches of Bank of Nevada. Bank of Nevada, with $3 billion in assets and 15 offices in southern Nevada, is a subsidiary of Western Alliance Bancorporation, one of the largest regional bank holding companies in the country.

The Nevada Commissioner declared Security Savings Bank insolvent at the close of business Friday and the FDIC was named receiver. The FDIC Board of Directors approved the assumption of $175 million in deposits by Bank of Nevada. Both insured and uninsured deposits are included in the purchase and assumption agreement and all depositors will automatically become depositors of Bank of Nevada. The FDIC will retain the loan portfolio of Security Savings Bank. No premium was paid by Bank of Nevada to assume the deposits.

"We want to welcome the customers of Security Savings Bank to Bank of Nevada and reassure them that it will continue to be business as usual when branches open Monday morning," said Bruce Hendricks, President and CEO of Bank of Nevada. "With our long-standing presence in the Henderson community, we are pleased to be able to accept all the bank's deposits, insured and uninsured, and provide depositors with the strength and stability of Bank of Nevada as well as the greater convenience and services we have through our local branch network and seasoned relationship bankers."

Security Savings Bank customers can continue to access their funds over the weekend by writing checks, or using ATM or debit cards. A fact sheet with answers to questions is available online through the FDIC website at [ www.fdic.gov ].

Bank of Nevada offers relationship-based banking with a comprehensive range of services including business and personal banking, lending, treasury management and equipment finance. Services are delivered through a local single point of contact Relationship Manager ensuring personal attention and responsive, locally based decision making.

The bank maintains a strong commitment to serving the local community and has earned an Outstanding Rating from the FDIC in each of its CRA examinations since its founding. Bank of Nevada was established as BankWest of Nevada in 1994 by a group of prominent business, banking and community leaders. In 2006, the Bank acquired Nevada First Bank and the former Bank of Nevada.

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, [ westernalliancebancorp.com ].