PacWest Bancorp

PacWest Bancorp (NASDAQ: PACW) is a bank holding company based in Los Angeles, California, with one wholly owned banking subsidiary, Pacific Western Bank. Pacific Western Bank has 79 full-service branches in California and one branch in Durham, North Carolina. Pacific Western provides commercial banking services, including real estate, construction, and commercial loans, and deposit and treasury management services to small and medium-sized businesses.

PacWest Bancorp
TypePublic
NASDAQ: PACW
S&P 400 Component
IndustryBanking, Financial Services
Founded1999
Headquarters
Los Angeles, California, U.S.
Area served
California, Arizona, Utah, and Texas
Key people
Matthew P. Wagner, CEO

Mark Yung, COO
Bryan Corsini, CCO

Jim Pieczynski, Vice Chairman
ProductsConsumer Banking, Corporate Banking, Mortgage loans, Venture debt
RevenueUS$ 1.362 billion (2019)
US$ 468.60 million (2019)
Total assetsUS$ 26.77 billion (2019)
Total equityUS$ 4.95 billion (2019)
Number of employees
1,833 (2019)
Websitewww.pacwestbancorp.com

Pacific Western offers additional products and services under the brands of its business groups, CapitalSource and Square 1 Bank, now known as National Lending and Venture Banking groups, respectively. National Lending Group provides cash flow, asset-based, equipment and real estate loans and treasury management services to established middle-market businesses on a national basis. Venture Banking Group focuses on entrepreneurial businesses and their venture capital and private equity investors.

As of 2019, Pacific Western had $26 billion in assets and 79 locations in California, primarily in the southern and central parts of the state.[1] Pacific Western has primarily built by the acquisition of other banks.[2] PacWest Bancorp was named the best bank in United States for 2017 by Forbes.

History

PacWest Bancorp was formerly known as First Community Bancorp. In 2005, First Community Bancorp acquired Glendora, California-based Foothill Independent Bancorp (NASDAQ: FOOT) for $238 million.[3] In 2006, First Community Bancorp combined the two banks it then owned, Pacific Western National Bank and First National Bank, renaming them the Pacific Western Bank.[4] In 2008, First Community Bancorp announced its plans to reincorporate in Delaware and change its name to PacWest Bancorp.[5]

Pacific Western Bank acquired the deposits and other assets of other banking institutions which failed during the financial crisis. In 2008, Pacific Western assumed the deposits and other assets of Security Pacific Bank of Los Angeles, CA.[6] In 2009, Pacific Western assumed the deposits and other assets of Affinity Bank, Ventura, CA.[7] In 2010, Pacific Western assumed the deposits and other assets of Los Padres Bank, Solvang, CA.[8]

In July 2013, PacWest announced it would acquire the commercial bank CapitalSource for around $2.29 billion.[9]

On March 2, 2015,[1] an $894 million merger was announced[2] with Square 1 Financial Inc., the parent company of Durham, North Carolina-based Square 1 Bank.[10] The bank started in 2005 grew to 13 locations and $3.1 billion in assets. The merger would result in Pacific Western becoming California's sixth largest publicly traded bank.[1]

On January 17, 2019, PacWest Bancorp decided to retire CapitalSource and Square 1 Bank brand names and renamed them with National Lending and Venture Banking groups. The bank recognized a $2.1 million write-off as retiring the Square 1 brand name. [11]

References
  1. "Fourth Quarter and Full Year 2019 Earning". Barron's. 2020-01-21. Retrieved 2020-02-07.
  2. Reckard, E. Scott; Dave, Paresh (March 4, 2015). "PacWest Bancorp to buy tech lender Square 1 Financial". Los Angeles Times. Retrieved March 31, 2015.
  3. "First Community to Buy Glendora Bank". Los Angeles Times. 2005-12-16. Retrieved 2016-05-26.
  4. "First Community to Switch to State Charter". Los Angeles Times. 2006-08-09. Retrieved 2015-05-26.
  5. Kuehner-Hebert, Katie (2008-12-03). "Changes at San Diego's First Community". American Banker. 173 (49). Archived from the original on 2016-06-24. Retrieved 2016-05-26.
  6. "Pacific Western Bank Acquires All the Deposits of Security Pacific Bank, Los Angeles, California" (Press release). Federal Deposit Insurance Corporation (FDIC). November 7, 2008. Retrieved 2013-09-22.
  7. "Pacific Western Bank, San Diego, California, Assumes All of the Deposits of Affinity Bank, Ventura, California" (Press release). Federal Deposit Insurance Corporation (FDIC). August 28, 2009. Retrieved 2013-09-22.
  8. "Pacific Western Bank, San Diego, California, Assumes All of the Deposits of Los Padres Bank, Solvang, California" (Press release). Federal Deposit Insurance Corporation (FDIC). August 20, 2010. Retrieved 2013-09-22.
  9. "Deals of the day -- mergers and acquisitions". Reuters. Reuters. 23 July 2013.
  10. "PacWest Bancorp buying financial services company Square 1 Financial for about $789M". Fox Business. Associated Press. March 2, 2015. Retrieved March 31, 2015.
  11. "Q4 2018 Earning".
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