Each of the references to “Western Liberty projections” in the third paragraph under the caption “The Merger—Opinion of Financial Advisor to Western Liberty—Net Present Value Analysis” on page 62 of the proxy statement/prospectus is hereby corrected to refer to “Western Alliance projections” so that the paragraph, as amended hereby, now reads, in its entirety, as follows:

As illustrated in the following tables, the analysis indicates an imputed range of values per share of Western Alliance common stock of $7.30 to $13.76 when applying the price earnings multiples to the applicable amounts indicated in the Western Alliance projections and $5.93 to $17.28 when applying the same multiples of tangible book value to the applicable amounts indicated in the Western Alliance projections.

Under the caption “The Merger—Opinion of Financial Advisor to Western Liberty —Sandler O’Neill’s Relationship,” on page 64, the proxy statement/prospectus is supplemented with the addition of the following sentence:

During the last two years, Sandler O’Neill has not provided any investment banking services to Western Liberty, other than the engagement as its financial advisor as described in the proxy statement/prospectus, or Western Alliance.

CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS

This proxy statement/prospectus supplement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about the benefits of the merger between Western Alliance and Western Liberty, including future financial and operating results and performance; statements about Western Alliance and Western Liberty’s plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “will,” “should,” “may” or words of similar meaning. These forward-looking statements are based upon the current beliefs and expectations of Western Alliance and Western Liberty’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond the control of Western Alliance and Western Liberty. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed in these forward-looking statements.

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