Jim Cramer on Western Alliance Earnings: "Everything Looked Fine There"

Western Alliance Bancorporation (NYSE:WAL) is one of the stocks Jim Cramer recently highlighted. Cramer mentioned the company during the episode and said:

“Then the next morning, very morning, a different regional bank, Western Alliance, announced that it too was having a credit problem, this time with a revolving credit facility that it issued. Western Alliance named the borrower. It’s a real estate investment fund called Cantor Group V, and said that they’d initiated a lawsuit in August, alleging fraud from the borrower. Now, it turns out that Zions and Western Alliance were actually both suing the same party, a California real estate investor and developer called Cantor Group… Western Alliance even said that it was providing the information about its lawsuit because Zions had made its own announcement, and they were starting to receive investor questions about their own exposure to this firm…

Bank earnings were generally pretty strong… Hey, Western Alliance, by the way, reported tonight after the close, and everything looked fine there as well. The company did guide for an elevated credit charge in the fourth quarter, but investors were expecting much, much worse.”

Western Alliance Bancorporation (NYSE:WAL) provides commercial, real estate, and consumer lending products, along with deposit, treasury management, and digital banking services.

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Disclosure: None. This article is originally published at Insider Monkey.