Phoenix-based Western Alliance Bancorporation (WAL) is set to initiate a merger process with Western Liberty Bancorp (WLBC), following the receipt of regulatory approvals and a class-action lawsuit settlement by an investor.
Pending Western Liberty’s stockholder approval and satisfying all closing conditions, the merger will result in Western Alliance as the surviving entity.
Under the terms of the definitive agreement, signed on 17 August 2012, WLBC shareholders may opt to receive either $4.02 in cash or 43% of a share of WAL for each share they owned in Western Liberty.
With $7.2bn in assets, Western Alliance is the parent company of Bank of Nevada and carries out its operations as Alliance Bank of Arizona and First Independent Bank, Torrey Pines Bank, and Shine Investment Advisory Services.
The firm is engaged in providing a range of deposit and credit services to clients in Nevada, Arizona and California, and investment services in Colorado.
WLBC has $199m in assets and does business through its wholly owned banking subsidiary Service1st Bank of Nevada and Las Vegas Sunset Properties.
As a traditional community bank, Service1st Bank offers deposit, lending and other banking services from its headquarters and two retail banking facilities located in the greater Las Vegas area.