Exhibit 99.1

Western Alliance Reports Profit of $5.2 million for the First Quarter 2011

PHOENIX--(BUSINESS WIRE)--April 25, 2011--Western Alliance Bancorporation (NYSE:WAL) announced today its financial results for the first quarter 2011.

First Quarter 2011 Highlights:

• Net income of $0.03 per common share, compared to net loss of $0.17 for the fourth quarter 2010 and $0.03 net loss for the first quarter of 2010
• Pre-tax, pre-provision operating earnings of $25.3 million, up from $25.0 million in fourth quarter 2010 and up 32.4% from $19.1 million in first quarter 2010¹
• Record net interest income of $61.1 million, compared to $60.9 million in prior quarter and $54.7 million in same quarter last year
• Net interest margin of 4.35%, compared to 4.26% in fourth quarter of 2010 and 4.17% in first quarter last year
• Total loans of $4.28 billion, up $37 million from December 31, 2010 and up $219 million from March 31, 2010
• Total deposits of $5.50 billion, up $159 million from December 31, 2010 and up $307 million from March 31, 2010
• Nonperforming assets (nonaccrual loans and repossessed assets) of 3.3% of total assets, compared to 3.6% in fourth quarter 2010 and 4.2% in first quarter 2010
• Total watch and classified loans (including nonaccrual) of $445 million at March 31, 2011, compared to $452 million at December 31, 2010 and $603 million at March 31, 2010
• Provision for credit losses of $10.0 million, compared to $18.4 million in the fourth quarter 2010 and $28.7 million in first quarter last year
• Net loan charge-offs of $14.6 million, down from $15.9 million for the fourth quarter 2010 and $24.6 million in first quarter last year
• Net income of $5.2 million, including pre-tax loss on repossessed asset valuations/sales of $6.1 million
• Tier I Leverage capital of 9.6% and Total Risk-Based Capital ratio of 13.2%, compared to 9.5% and 14.6% a year ago

Financial Performance

“I’m pleased with our strong start in 2011 with an increase in our top line performance, driven by loan and deposit growth and an expanding margin, and our bottom line performance through increased efficiency and improved asset quality,” said Robert Sarver, Chairman and Chief Executive Officer of Western Alliance Bancorporation. “For the first time in three years, each of our operating units was profitable. We continue to make important strides on multiple fronts simultaneously as we achieve total loan growth while reducing higher risk construction and land exposure, and growing our deposits while reducing our funding costs. These successes demonstrate our continued progress toward achieving our full operating potential.”

Ken Vecchione, President and Chief Operating Officer, added, “Western Alliance continues to demonstrate predictability along with improving credit metrics. Over the last several quarters our Company has shown consistent loan growth, improving quarter-to-quarter net interest income, expense discipline, increasing operating leverage, and strong core profitability dynamics. Focus on our long-term objectives, adhering to our straight-forward business model, and the improving backdrop of credit quality help produce our best quarterly financial results since 2007.”

Western Alliance Bancorporation reported net income of $5.2 million in the first quarter 2011, including a net loss from sales/valuation of repossessed assets of $6.1 million and a loss on discontinued operations net of tax of $0.6 million.

The Company reported net income per common share of $0.03 in the first quarter 2011. The income included $0.05 loss from sales/valuations of repossessed assets after tax and a net loss from discontinued affinity credit card operations held for sale net of tax of $0.01.

Total loans increased $37 million to $4.28 billion at March 31, 2011 from $4.24 billion on December 31, 2010. This increase was driven by growth in commercial real estate loans and commercial leases; partially offset by reductions in all other loan types. Geographically, loans outstanding at our Las Vegas, Nevada affiliate decreased by $42 million and increased by $79 million at our other affiliates. Loans increased $219 million from March 31, 2010.

Total deposits increased $159 million to $5.50 billion at March 31, 2011 from $5.34 billion at December 31, 2010, with significant growth in money market/savings accounts and, non-interest bearing demand deposits offset by a decline in certificates of deposits and interest bearing demand deposits. Deposits increased $307 million from March 31, 2010.

Income Statement

Net interest income increased slightly to $61.1 million in the first quarter 2011 from $60.9 million in the fourth quarter 2010 and 11.7 percent compared to the first quarter 2010, propelled by reductions in cost of funds. The net interest margin in the first quarter 2011 was 4.35 percent compared to 4.26 percent in the fourth quarter 2010 and 4.17 percent in the first quarter of 2010.

Operating non-interest income was $6.0 million for the first quarter 2011.¹ This performance was a decrease from $6.2 million for the same period in 2010 and the same as fourth quarter of 2010, resulting from the disposition of the majority of our asset management businesses.¹

Net revenue was $67.1 million for the first quarter 2011, a slight increase from $66.9 million for the fourth quarter of 2010 and 10.2 percent from net revenue of $60.9 million for the first quarter 2010.¹

Operating non-interest expense was $41.8 million for the first quarter 2011, compared to $41.9 million for the fourth quarter of 2010 and the same period in 2010.¹ The operating efficiency ratio was 62 percent for the first quarter 2011, compared to 68 percent for the first quarter 2010.¹ The Company had 894 full-time equivalent employees at March 31, 2011, compared to 948 one year ago.

A key performance metric for the Company is its pre-tax, pre-provision operating earnings, which it defines as net revenue less its operating non-interest expense.¹ For the first quarter 2011, the Company’s performance was $25.3 million, compared to $25.0 million in the fourth quarter 2010 and $19.1 million in the first quarter 2010.¹

The provision for credit losses was $10.0 million for the first quarter 2011 compared to $18.4 million for the fourth quarter 2010 and $28.7 million for the first quarter 2010. Nonaccrual loans and repossessed assets were $213 million or 3.3 percent of total assets at March 31, 2011, down from $225 million or 3.6 percent of total assets at December 31, 2010 and $254 million or 4.2 percent of total assets at March 31, 2010. Net loan charge-offs in the first quarter 2011 were $14.6 million or 1.39 percent of average loans (annualized), down from $15.9 million or 1.52 percent of average loans (annualized) for the fourth quarter 2010 and $24.6 million or 2.43% of average loans (annualized) for the first quarter 2010. Loans past due 90 days and still accruing totaled $1.1 million at March 31, 2011, down from $1.5 million at December 31, 2010 and down from $8.4 million at March 31, 2010. Loans past due 30-89 days totaled $30.7 million at quarter end, up from $18.2 million at December 31, 2010 and down from $38.6 million at March 31, 2010. Classified assets to Tier I capital plus allowance for credit losses, a common regulatory measure of asset quality, improved to 48 percent at March 31, 2011 from 70 percent one year ago.¹

Net loss on sales and valuation of repossessed assets (primarily other real estate) was $6.1 million for the first quarter 2011 compared to $13.0 million in the prior quarter. At March 31, 2011, other repossessed assets were valued at $98 million compared to $108 million at December 31, 2010.

During the first quarter 2011, the Company completed its consolidations of its Alta Alliance Bank subsidiary into Torrey Pines Bank and its First Independent Bank of Nevada subsidiary into Alliance Bank of Arizona doing business as Western Alliance Bank and incurred $0.2 million in merger charges related to these transactions.

Balance Sheet

Gross loans totaled $4.28 billion at March 31, 2011, an increase of $37 million from December 31, 2010 and an increase of $219 million from $4.06 billion at March 31, 2010. At March 31, 2011 the allowance for credit losses was 2.48 percent of total loans down from 2.61 percent at December 31, 2010 and 2.78 percent at March 31, 2010.

Deposits totaled $5.50 billion at March 31, 2011, an increase of $159 million from $5.34 billion at December 31, 2010 and an increase of $307 million from $5.19 billion at March 31, 2010.

Non-interest bearing deposits increased by $11.8 million to $1.46 billion at March 31, 2011 from December 31, 2010 and increased $106.3 million from $1.35 billion at March 31, 2010. Non-interest bearing deposits comprised 26.5 percent of total deposits at March 31, 2011, compared to 26 percent a year ago.

At March 31, 2011 the Company’s loans were 77.8 percent of deposits, compared to 78.2 percent one year earlier and 79.4 percent at December 31, 2010.

Stockholders’ equity at March 31, 2011 was essentially flat at $601.6 million from $602.2 million at December 31, 2010. At March 31, 2011, tangible common equity was 6.8 percent of tangible assets¹ and total risk-based capital was 13.2 percent of risk-weighted assets.

Total assets increased 5 percent to $6.40 billion at March 31, 2011 from $6.10 billion at March 31, 2010 and increased 3.4 percent from $6.19 billion at December 31, 2010.

Operating Unit Highlights

Bank of Nevada reported that loans declined $42 million during the first quarter of 2011 and declined $141 million during the last 12 months to $1.87 billion at March 31, 2011. Deposits increased slightly since December 31, 2010 and increased $123 million over the last twelve months to $2.39 billion. Net income for Bank of Nevada was $0.9 million during the first quarter 2011, compared with net losses of $5.8 million for the fourth quarter of 2010 and $3.0 million during the first quarter 2010.

Western Alliance Bank reported loan growth of $39 million during the first quarter 2011 and an increase of $190 million during the last 12 months to $1.34 billion. Deposits increased $22 million in the first quarter and decreased $18 million during the last 12 months to $1.69 billion. Net income for Western Alliance Bank was $4.9 million during the first quarter 2011 compared with net income of $3.6 million during the fourth quarter of 2010 and a net income of $1.1 million during the first quarter 2010.

Torrey Pines Bank segment, which excludes discontinued operations, reported that loans increased $40 million during the first quarter 2011 and increased $169 million during the last 12 months to $1.10 billion. Deposits increased $135 million and $201 million to $1.42 billion during the same periods, respectively. Net income for Torrey Pines Bank was $4.0 million during the first quarter 2011 compared with net income of $3.2 million for the fourth quarter of 2010 and net income of $0.5 million during the first quarter 2010.

Attached to this press release is summarized financial information for the quarter ended March 31, 2011.

Conference Call and Webcast

Western Alliance Bancorporation will host a conference call and live audio webcast to discuss its first quarter 2011 financial results at 12:00 p.m. ET on Monday, April 25, 2011. Participants may access the call by dialing 1-866-843-0890 and using passcode: 1293839 or via live audio webcast using the website link: http://www.talkpoint.com/viewer/starthere.asp?Pres=135049. The webcast is also available via our website at www.westernalliancebancorp.com. Participants should log in at least 15 minutes early to receive instructions. The call will be recorded and made available for replay after 2:00 p.m. ET, April 25, until 9 a.m. ET, May 9, by dialing 1-877-344-7529 and using the passcode: 449879.

About Western Alliance Bancorporation

Western Alliance Bancorporation is the parent company of Bank of Nevada, Western Alliance Bank doing business as Alliance Bank of Arizona and First Independent Bank, Torrey Pines Bank, and Shine Investment Advisory Services. These dynamic organizations provide a broad array of deposit and credit services to clients in Nevada, Arizona and California, and investment services in Colorado. Staffed with experienced financial professionals, these organizations deliver a broader product array and larger credit capacity than community banks, yet are empowered to be more responsive to customers' needs than larger institutions. Additional investor information can be accessed on the Investor Relations page of the company's website, www.westernalliancebancorp.com.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements that relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. The forward-looking statements contained herein reflect our current views about future events and financial performance and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause our actual results to differ significantly from historical results and those expressed in any forward-looking statement. Some factors that could cause actual results to differ materially from historical or expected results include: factors listed in the Form 10-K as filed with the Securities and Exchange Commission; changes in general economic conditions, either nationally or locally in the areas in which we conduct or will conduct our business; inflation, interest rate, market and monetary fluctuations; increases in competitive pressures among financial institutions and businesses offering similar products and services; higher defaults on our loan portfolio than we expect; changes in management’s estimate of the adequacy of the allowance for credit losses; legislative or regulatory changes or changes in accounting principles, policies or guidelines; management’s estimates and projections of interest rates and interest rate policy; the execution of our business plan; and other factors affecting the financial services industry generally or the banking industry in particular.

We do not intend and disclaim any duty or obligation to update or revise any industry information or forward-looking statements set forth in this press release to reflect new information, future events or otherwise.

This press release contains both financial measures based on accounting principles generally accepted in the United States (“GAAP”) and non-GAAP based financial measures, which are used where management believes it to be helpful in understanding Western Alliance Bancorporation’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconcilement to the comparable GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

¹ See Reconciliation of Non-GAAP Financial Measures beginning on page 15