Western Alliance Bancorp WHALE Shares traded higher on Wednesday after the company issued an investor update showing deposit growth surged to over $2 billion in the current quarter.

What happened: Western Alliance Deposit balances stabilized in March and have been growing again since then. Through May 12, deposit growth for the quarter to date was over $2 billion and 79% of deposits were insured, up from 68% at the end of March.

The news comes just days after Western Alliance provided a deposit update, noting that quarter-to-date deposits reached $1.8 billion. It appears that the bank added at least another $200 million in deposits over the past week.

Regional bank stocks have come under heavy selling pressure since the failures of Silicon Valley Bank and Signature Bank. Earlier in the month, JPMorgan acquired a substantial majority of the assets and assumed deposits and other liabilities from First Republic from the FDIC.

The collapse of the First Republic marked the largest banking collapse since the 2008 financial crisis. Major concerns surrounding the banking sector have continued to weigh several names including Western Alliance.

See also: Jamie Dimon says JPMorgan’s attempt to buy troubled regional banks is likely over

WAL Price Promotion: Western Alliance Shares were up 12.3% at $35.48 at the time of publication Gasoline Pro.

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