PacWest Bancorp: Difference between revisions
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| key_people = Matthew P. Wagner, CEO |
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| num_employees = 1,800 (2020) |
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'''PacWest Bancorp''' ({{nasdaq|PACW}}) is a [[bank holding company]] based in [[Los Angeles]], [[California]], with one wholly owned banking subsidiary, '''Pacific Western Bank''' |
'''PacWest Bancorp''' ({{nasdaq|PACW}}) is a [[bank holding company]] based in [[Los Angeles]], [[California]], with one wholly owned banking subsidiary, '''Pacific Western Bank''' with over $26 billion in assets. The Bank has 74 full-service branches located in California, one branch located in Durham, North Carolina, and one branch located in Denver, Colorado. Our Community Banking group provides lending and comprehensive deposit and treasury management services to small and medium-sized businesses conducted primarily through our California-based branch offices and Denver, Colorado branch office. We offer additional products and services through our National Lending and Venture Banking groups. National Lending provides asset-based, equipment, and real estate loans and treasury management services to established middle-market businesses on a national basis. Venture Banking offers a comprehensive suite of financial services focused on entrepreneurial or venture-backed businesses and their venture capital and private equity investors, with offices located in key innovative hubs across the United States. |
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<ref name=Pac/>. PacWest Bancorp was named the best bank in United States for 2017 by [[Forbes]]. |
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==History== |
==History== |
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Revision as of 19:44, 29 January 2020
 | This article needs additional citations for verification. (July 2013) |
| Company type | Public |
|---|---|
| Nasdaq: PACW S&P 400 Component | |
| Industry | Banking, financial services |
| Founded | 1999 |
| Headquarters | Los Angeles, California, U.S. |
Area served | United States |
Key people | Matthew P. Wagner, CEO |
| Products | consumer banking, corporate banking, mortgage loans |
| Revenue |  US$ 1.128 billion (2016) |
| US$ 352.17 million (2016) | |
| Total assets | US$ 21.87 billion (2016) |
| Total equity | US$ 4.479 billion (2016) |
Number of employees | 1,800 (2020) |
| Website | www |
PacWest Bancorp (Nasdaq: PACW) is a bank holding company based in Los Angeles, California, with one wholly owned banking subsidiary, Pacific Western Bank with over $26 billion in assets. The Bank has 74 full-service branches located in California, one branch located in Durham, North Carolina, and one branch located in Denver, Colorado. Our Community Banking group provides lending and comprehensive deposit and treasury management services to small and medium-sized businesses conducted primarily through our California-based branch offices and Denver, Colorado branch office. We offer additional products and services through our National Lending and Venture Banking groups. National Lending provides asset-based, equipment, and real estate loans and treasury management services to established middle-market businesses on a national basis. Venture Banking offers a comprehensive suite of financial services focused on entrepreneurial or venture-backed businesses and their venture capital and private equity investors, with offices located in key innovative hubs across the United States.
[1]. 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.[2] 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.[3] In 2008, First Community Bancorp announced its plans to reincorporate in Delaware and change its name to PacWest Bancorp.[4]
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.[5] In 2009, Pacific Western assumed the deposits and other assets of Affinity Bank, Ventura, CA.[6] In 2010, Pacific Western assumed the deposits and other assets of Los Padres Bank, Solvang, CA.[7]
In July 2013, PacWest announced it would acquire the commercial bank CapitalSource for around $2.29 billion.[8]
On March 2, 2015,[9] an $894 million merger was announced[1] 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.[9]
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
- ^ a b Reckard, E. Scott; Dave, Paresh (March 4, 2015). "PacWest Bancorp to buy tech lender Square 1 Financial". Los Angeles Times. Retrieved March 31, 2015.
- ^ "First Community to Buy Glendora Bank". Los Angeles Times. 2005-12-16. Retrieved 2016-05-26.
- ^ "First Community to Switch to State Charter". Los Angeles Times. 2006-08-09. Retrieved 2015-05-26.
- ^ Kuehner-Hebert, Katie (2008-12-03). "Changes at San Diego's First Community". American Banker. Vol. 173, no. 49. Retrieved 2016-05-26.
- ^ "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.
- ^ "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.
- ^ "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.
- ^ Reuters (23 July 2013). "Deals of the day -- mergers and acquisitions". Reuters.
{{cite news}}:|author=has generic name (help) - ^ a b Ranii, David (March 2, 2015). "Square 1 Bank to be acquired". News & Observer.
- ^ "PacWest Bancorp buying financial services company Square 1 Financial for about $789M". Fox Business. Associated Press. March 2, 2015. Retrieved March 31, 2015.
- ^ "Q4 2018 Earning".
External links
  | This bank and insurance-related article is a stub. You can help Wikipedia by expanding it. |
- Companies in the NASDAQ Financial-100
- Companies listed on the Nasdaq
- Banks based in California
- Holding companies of the United States
- Companies based in Los Angeles
- American companies established in 1999
- Banks established in 1999
- Financial services companies established in 1999
- Holding companies established in 1999
- 1999 establishments in California
- Bank stubs