October 22, 2021 | In this issue of The Institutional Risk Analyst, we take a look at one of our favorite large banks, Western Alliance Bancorp (WAL) of Phoenix, AZ. We wrote about WAL in February (“Western Alliance + AmeriHome = Big Possibilities”) and the $50 billion bank holding company proceeded to lead the large bank group in terms of equity returns. In this edition of the Premium Service of The IRA, we compare WAL to some of the largest banks in the US. No surprise, the comparison is more flattering for the smaller institution. WAL illustrates why the largest banks are “dead money,” to paraphrase Kevin O’Leary speaking on CNBC, but super regionals continue to create significant value for customers and shareholders.