Business Context and Reporting Period
This Form 8-K is a current report filed by Western Alliance Bancorporation on February 4, 2009, covering events occurring on February 2, 2009. The filing addresses Item 8.01 (Other Events) regarding insider stock transactions by the company's Chairman, President, and CEO.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on equity transactions and does not contain financial performance data.
Material Changes
The material event reported is the sale of company stock by Robert Sarver:
- Completed Sales: 143,500 shares sold between February 2 and February 3, 2009.
- Planned Sales: An additional 159,000 shares intended to be sold during the remainder of February 2009.
- Total Expected Sales: 302,500 shares.
- Purpose: To offset gains from an exchange fund to which Mr. Sarver contributed several years ago.
- Acquisition History: The shares being sold were acquired between June 2005 and June 2008 at prices ranging from $7.94 to $28.47 per share.
Outlook, Risks, and Management Commentary
Management commentary indicates that after the completion of these sales, Mr. Sarver has no plans at this time to sell additional shares. The filing clarifies that none of Mr. Sarver's WAL shares are held in the exchange fund or any other exchange fund.
Post-Transaction Holdings: Following the sales, Mr. Sarver or related parties will beneficially hold:
- 2,542,641 shares of WAL common stock.
- Options for 210,000 shares (exercise prices: $12.00 to $34.80).
- Warrants on 1,007,052 shares (exercise price: $7.62).
Investor Verification Checklist
- Verify the actual execution of the planned 159,000 share sales in subsequent filings.
- Confirm the final beneficial ownership percentage of Mr. Sarver after the transaction.
- Review the company's most recent 10-K or 10-Q for financial performance data, as this 8-K contains none.
- Check for any related party transaction disclosures regarding the exchange fund mentioned.