Business Context and Reporting Period
Company: Western Alliance Bancorporation
Filing Type: Form 8-K (Current Report)
Date of Report: December 18, 2015
Event: Redemption of Non-Cumulative Perpetual Preferred Stock, Series B.
Key Financial Metrics
This filing reports a specific capital transaction rather than periodic financial performance metrics (revenue, profit, cash flow, or margins). The key financial data points provided are:
- Shares Redeemed: 70,500 shares of Series B Preferred Stock.
- Redemption Price per Share: $1,000 (liquidation value) plus accrued dividends.
- Total Redemption Cost: $70,650,792.
- Outstanding Series B Stock Post-Transaction: None.
Material Changes
The Company redeemed the remaining shares of Series B Preferred Stock originally issued to the United States Department of the Treasury in September 2011 under the Small Business Lending Fund program. This transaction eliminates the Company's obligation to pay future dividends on this specific series of preferred stock and removes the associated liability from its balance sheet.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future operations, or specific risk factors beyond the completion of the redemption. The transaction is presented as a completed event with no stated contingencies.
Investor Verification Checklist
- Confirm the total cash outflow of $70,650,792 was recorded in the Company's cash flow statement for the period ending December 18, 2015.
- Verify the removal of the Series B Preferred Stock liability from the balance sheet in subsequent filings.
- Review the impact of this redemption on the Company's overall capital structure and regulatory capital ratios.