PacWest Bancorp operates as the bank holding company for Pacific Western Bank that provides various banking products and services. The company accepts demand, money market, and time deposits. It also provides real estate loans to professional developers and real estate investors for the acquisition, refinancing, renovation, and construction of commercial real estate properties; small business administration loans; asset-based loans for working capital needs; venture capital loans to support the operations of entrepreneurial and venture-backed companies; and equipment-secured loans and leases. In addition, the company offers consumer loans comprising personal loans, auto loans, home equity lines of credit, revolving lines of credit, and other loans. Further, it provides international banking and multi-state deposit services; money market sweep products; investment advisory and asset management services; treasury and cash management services; telephone banking, remote deposit, and online and mobile banking services; and automated teller machine services. The company offers its products and services to small and mid-sized companies, venture capital and private equity investors, professionals, and other individuals. It operates through 70 full-service branches located in California; one branch located in Durham, North Carolina; one branch located in Denver, Colorado; and various loan production offices. The company was formerly known as First Community Bancorp and changed its name to PacWest Bancorp in April 2008. PacWest Bancorp was founded in 1999 and is headquartered in Beverly Hills, California.
IPO Year:
Exchange: NASDAQ
Website: pacwestbancorp.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 6/8/2023 | $8.75 | Hold | Odeon |
| 5/4/2023 | $19.00 → $3.00 | Buy → Neutral | DA Davidson |
| 3/13/2023 | $31.00 → $29.00 | Neutral → Buy | DA Davidson |
| 12/15/2022 | $32.00 → $26.00 | Overweight → Equal Weight | Wells Fargo |
| 12/9/2022 | $26.00 | Buy → Hold | Truist |
| 10/6/2022 | $43.00 → $28.00 | Buy → Neutral | DA Davidson |
| 7/22/2022 | $47.00 → $35.00 | Outperform → Mkt Perform | Keefe Bruyette |
| 7/7/2022 | Strong Buy → Mkt Perform | Raymond James | |
| 1/21/2022 | $59.00 → $62.00 | Strong Buy | Raymond James |
| 11/2/2021 | $57.00 → $59.00 | Strong Buy | Raymond James |
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NEW YORK, Nov. 27, 2023 /PRNewswire/ -- S&P Dow Jones Indices will make the following changes to the S&P MidCap 400 and S&P SmallCap 600 effective prior to the open of trading on Thursday, November 30: Carlyle Group Inc. (NASD: CG) will replace ICU Medical Inc. (NASD: ICUI) in the S&P MidCap 400. ICU Medical will replace PacWest Bancorp (NASD: PACW) in the S&P SmallCap 600. Banc of California Inc. (NYSE:BANC) is acquiring PacWest Bancorp in a deal expected to be completed soon, pending final closing conditions. Post-merger, Banc of California will remain in the S&P SmallCap 600. ICU Medical is more representative of the small-cap market space.WP Carey Inc. (NYSE: WPC) will replace Worthingt
Investors can contact the law firm at no cost to learn more about recovering their losses LOS ANGELES, Oct. 09, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises PacWest Bancorp ("PacWest" or the "Company") (NASDAQ:PACW) investors that a lawsuit filed on behalf of investors that purchased PacWest securities between February 28, 2022 and May 3, 2023, both dates inclusive (the "Class Period"). Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: [email protected], to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors'
Paul W. Taylor, Current PacWest Bancorp President, Appointed Chief Executive Officer Matthew P. Wagner to Transition to Executive Chairman Kevin L. Thompson Named EVP, Chief Financial Officer LOS ANGELES, Nov. 21, 2022 (GLOBE NEWSWIRE) -- PacWest Bancorp (NASDAQ:PACW) (the "Company") and Pacific Western Bank (the "Bank"), as part of their previously disclosed leadership transition plan, today announced the following changes to the Company's Board of Directors (the "Board") and executive team. Paul W. Taylor, President of the Company and the Bank, has been appointed Chief Executive Officer of the Company and the Bank, effective January 1, 2023. Mr. Taylor will have full management, fina
LOS ANGELES, June 13, 2022 (GLOBE NEWSWIRE) -- PacWest Bancorp (NASDAQ:PACW) (the "Company") and Pacific Western Bank (the "Bank") announced today the appointment of Paul W. Taylor as President of both the Company and the Bank effective July 1, 2022. Mr. Taylor currently serves as a Director of the Company and the Bank and is a member of each of their respective Asset/Liability Management and Risk Committees. His appointment follows the Company's previously-announced plan to name a successor for Matthew P. Wagner, current President and Chief Executive Officer. Mr. Wagner will continue as Chief Executive Officer until December 31, 2023, with Mr. Taylor reporting directly to Mr. Wagner durin
Odeon initiated coverage of PacWest Bancorp with a rating of Hold and set a new price target of $8.75
DA Davidson downgraded PacWest Bancorp from Buy to Neutral and set a new price target of $3.00 from $19.00 previously
DA Davidson upgraded PacWest Bancorp from Neutral to Buy and set a new price target of $29.00 from $31.00 previously
Wells Fargo downgraded PacWest Bancorp from Overweight to Equal Weight and set a new price target of $26.00 from $32.00 previously
Truist downgraded PacWest Bancorp from Buy to Hold and set a new price target of $26.00
DA Davidson downgraded PacWest Bancorp from Buy to Neutral and set a new price target of $28.00 from $43.00 previously
Keefe Bruyette downgraded PacWest Bancorp from Outperform to Mkt Perform and set a new price target of $35.00 from $47.00 previously
Raymond James downgraded PacWest Bancorp from Strong Buy to Mkt Perform
Raymond James reiterated coverage of PacWest Banc with a rating of Strong Buy and set a new price target of $62.00 from $59.00 previously
Raymond James reiterated coverage of PacWest Banc with a rating of Strong Buy and set a new price target of $59.00 from $57.00 previously
KBRA affirms the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3, and also assigns a preferred stock rating of BB for Banc of California, Inc. (NYSE:BANC). Additionally, KBRA affirms the deposit and senior unsecured debt rating of BBB+, the subordinated debt rating of BBB, and the short-term deposit and debt ratings of K2 for Pacific Western Bank, which will be renamed and operate as Banc of California, going forward. The Outlook for all long-term ratings is Stable. In addition, KBRA withdraws the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, the preferred stock rating of BB, and the short-term debt
Combined bank emerges as the third-largest bank headquartered in California and one of the nation's premier relationship-focused business banks Banc of California, Inc. ("Banc of California") (NYSE:BANC) today announced the completion of its transformational merger with PacWest Bancorp ("PacWest") (NASDAQ:PACW), pursuant to which PacWest has merged into Banc of California, and as of December 1, 2023, Banc of California, N.A. will have merged into Pacific Western Bank (the "combined bank"). The combined bank will operate under the Banc of California name and brand. Concurrent with the completion of the merger, Banc of California also completed its $400 million equity raise from affiliates
NEW YORK, Nov. 27, 2023 /PRNewswire/ -- S&P Dow Jones Indices will make the following changes to the S&P MidCap 400 and S&P SmallCap 600 effective prior to the open of trading on Thursday, November 30: Carlyle Group Inc. (NASD: CG) will replace ICU Medical Inc. (NASD: ICUI) in the S&P MidCap 400. ICU Medical will replace PacWest Bancorp (NASD: PACW) in the S&P SmallCap 600. Banc of California Inc. (NYSE:BANC) is acquiring PacWest Bancorp in a deal expected to be completed soon, pending final closing conditions. Post-merger, Banc of California will remain in the S&P SmallCap 600. ICU Medical is more representative of the small-cap market space.WP Carey Inc. (NYSE: WPC) will replace Worthingt
Merger proposal receives in excess of 98% approval of the shares voted from each of Banc of California and PacWest Bancorp stockholders Banc of California, Inc. ("Banc of California") (NYSE:BANC) and PacWest Bancorp ("PacWest") (NASDAQ:PACW) today jointly announced that, at their respective special meetings of stockholders held earlier today, they each received the necessary stockholder approval for the proposed combination of Banc of California and PacWest. The final results for the proposals voted on at the special meetings of each company's stockholders held today will be set forth in the companies' separate Current Reports on Form 8-K to be filed with the U.S. Securities and Exchange
SANTA ANA, Calif. and LOS ANGELES, Nov. 22, 2023 (GLOBE NEWSWIRE) -- Banc of California, Inc. ("Banc of California") (NYSE:BANC) and PacWest Bancorp ("PacWest") (NASDAQ:PACW) today jointly announced that, at their respective special meetings of stockholders held earlier today, they each received the necessary stockholder approval for the proposed combination of Banc of California and PacWest. The final results for the proposals voted on at the special meetings of each company's stockholders held today will be set forth in the companies' separate Current Reports on Form 8-K to be filed with the U.S. Securities and Exchange Commissions (the "SEC"). The transaction is expected to close as pla
LOS ANGELES, Nov. 01, 2023 (GLOBE NEWSWIRE) -- PacWest Bancorp (NASDAQ:PACW) announced today that its Board of Directors has declared a quarterly cash dividend of $0.01 per common share. The cash dividend is payable on November 27, 2023 to stockholders of record at the close of business on November 13, 2023. The Board of Directors also declared a quarterly cash dividend of $0.4845 per depositary share on its 7.75% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A. The dividend will be payable November 28, 2023 to stockholders of record as of November 13, 2023. The Series A depositary shares are traded on the Nasdaq Stock Exchange under the "PACWP" symbol. ABOUT PACWEST
THIRD QUARTER 2023 HIGHLIGHTS Net loss available to common stockholders of $33.3 million, or a loss of $0.28 per diluted sharePending merger with Banc of California, Inc. is on track with all regulatory approvals received and is expected to close on or about November 30, 2023The Bank put in place a large liquidity base to cautiously navigate the end of the first quarter of 2023 through the third quarter of 2023. The excess borrowings, including $1.4 billion of brokered deposits (at a rate of 5.19%) and the $1.3 billion repurchase agreement facility (at a rate of 8.50%), are expected to roll off in the fourth quarter of 2023. We belie
LOS ANGELES, Oct. 19, 2023 (GLOBE NEWSWIRE) -- PacWest Bancorp ("PacWest") (NASDAQ:PACW) today announced that the Board of Governors of the Federal Reserve System granted its approval of the previously announced combination of PacWest and Banc of California, Inc. ("Banc of California") and their respective bank subsidiaries, Pacific Western Bank and Banc of California, N.A. In addition, on October 5, 2023, the California Department of Financial Protection and Innovation granted its approval of Banc of California acquiring control of Pacific Western Bank and of the merger of Banc of California, N.A. and Pacific Western Bank. No further regulatory approvals are required to complete the propo
Banc of California, Inc. ("Banc of California") (NYSE:BANC) and PacWest Bancorp ("PacWest") (NASDAQ:PACW) today announced that the Board of Governors of the Federal Reserve System granted its approval of the previously announced combination of Banc of California and PacWest and their respective bank subsidiaries, Banc of California, N.A. and Pacific Western Bank. In addition, on October 5, 2023, the California Department of Financial Protection and Innovation granted its approval of the merger of Banc of California, N.A. and Pacific Western Bank. No further regulatory approvals are required to complete the proposed transaction. The consummation of the proposed transaction is expected to clo
Investors can contact the law firm at no cost to learn more about recovering their losses LOS ANGELES, Oct. 09, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises PacWest Bancorp ("PacWest" or the "Company") (NASDAQ:PACW) investors that a lawsuit filed on behalf of investors that purchased PacWest securities between February 28, 2022 and May 3, 2023, both dates inclusive (the "Class Period"). Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: [email protected], to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors'
Combined bank emerges as the third-largest bank headquartered in California and one of the nation's premier relationship-focused business banks Banc of California, Inc. ("Banc of California") (NYSE:BANC) today announced the completion of its transformational merger with PacWest Bancorp ("PacWest") (NASDAQ:PACW), pursuant to which PacWest has merged into Banc of California, and as of December 1, 2023, Banc of California, N.A. will have merged into Pacific Western Bank (the "combined bank"). The combined bank will operate under the Banc of California name and brand. Concurrent with the completion of the merger, Banc of California also completed its $400 million equity raise from affiliates
Merger proposal receives in excess of 98% approval of the shares voted from each of Banc of California and PacWest Bancorp stockholders Banc of California, Inc. ("Banc of California") (NYSE:BANC) and PacWest Bancorp ("PacWest") (NASDAQ:PACW) today jointly announced that, at their respective special meetings of stockholders held earlier today, they each received the necessary stockholder approval for the proposed combination of Banc of California and PacWest. The final results for the proposals voted on at the special meetings of each company's stockholders held today will be set forth in the companies' separate Current Reports on Form 8-K to be filed with the U.S. Securities and Exchange
SANTA ANA, Calif. and LOS ANGELES, Nov. 22, 2023 (GLOBE NEWSWIRE) -- Banc of California, Inc. ("Banc of California") (NYSE:BANC) and PacWest Bancorp ("PacWest") (NASDAQ:PACW) today jointly announced that, at their respective special meetings of stockholders held earlier today, they each received the necessary stockholder approval for the proposed combination of Banc of California and PacWest. The final results for the proposals voted on at the special meetings of each company's stockholders held today will be set forth in the companies' separate Current Reports on Form 8-K to be filed with the U.S. Securities and Exchange Commissions (the "SEC"). The transaction is expected to close as pla
LOS ANGELES, Nov. 01, 2023 (GLOBE NEWSWIRE) -- PacWest Bancorp (NASDAQ:PACW) announced today that its Board of Directors has declared a quarterly cash dividend of $0.01 per common share. The cash dividend is payable on November 27, 2023 to stockholders of record at the close of business on November 13, 2023. The Board of Directors also declared a quarterly cash dividend of $0.4845 per depositary share on its 7.75% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A. The dividend will be payable November 28, 2023 to stockholders of record as of November 13, 2023. The Series A depositary shares are traded on the Nasdaq Stock Exchange under the "PACWP" symbol. ABOUT PACWEST
THIRD QUARTER 2023 HIGHLIGHTS Net loss available to common stockholders of $33.3 million, or a loss of $0.28 per diluted sharePending merger with Banc of California, Inc. is on track with all regulatory approvals received and is expected to close on or about November 30, 2023The Bank put in place a large liquidity base to cautiously navigate the end of the first quarter of 2023 through the third quarter of 2023. The excess borrowings, including $1.4 billion of brokered deposits (at a rate of 5.19%) and the $1.3 billion repurchase agreement facility (at a rate of 8.50%), are expected to roll off in the fourth quarter of 2023. We belie
LOS ANGELES, Oct. 19, 2023 (GLOBE NEWSWIRE) -- PacWest Bancorp ("PacWest") (NASDAQ:PACW) today announced that the Board of Governors of the Federal Reserve System granted its approval of the previously announced combination of PacWest and Banc of California, Inc. ("Banc of California") and their respective bank subsidiaries, Pacific Western Bank and Banc of California, N.A. In addition, on October 5, 2023, the California Department of Financial Protection and Innovation granted its approval of Banc of California acquiring control of Pacific Western Bank and of the merger of Banc of California, N.A. and Pacific Western Bank. No further regulatory approvals are required to complete the propo
Banc of California, Inc. ("Banc of California") (NYSE:BANC) and PacWest Bancorp ("PacWest") (NASDAQ:PACW) today announced that the Board of Governors of the Federal Reserve System granted its approval of the previously announced combination of Banc of California and PacWest and their respective bank subsidiaries, Banc of California, N.A. and Pacific Western Bank. In addition, on October 5, 2023, the California Department of Financial Protection and Innovation granted its approval of the merger of Banc of California, N.A. and Pacific Western Bank. No further regulatory approvals are required to complete the proposed transaction. The consummation of the proposed transaction is expected to clo
Banc of California, N.A. ("Banc of California"), a wholly-owned subsidiary of Banc of California, Inc. (NYSE:BANC) and Rise Economy announced today a $4.1 billion, three-year Community Benefits Plan (the "Plan"). Banc of California and Rise Economy (formerly the California Reinvestment Coalition) leaders worked collaboratively to develop the expansive plan in connection with Banc of California's transformational merger with Pacific Western Bank, a wholly-owned subsidiary of PacWest Bancorp (NASDAQ:PACW). The Plan is intended to make a meaningful and positive impact in communities served by the combined institution. The Plan includes the following goals and targets, among others, of the co
LOS ANGELES, Aug. 02, 2023 (GLOBE NEWSWIRE) -- PacWest Bancorp (NASDAQ:PACW) announced today that its Board of Directors has declared a quarterly cash dividend of $0.01 per common share. The cash dividend is payable on August 31, 2023 to stockholders of record at the close of business on August 15, 2023. The Board of Directors also declared a quarterly cash dividend of $0.4845 per depositary share on its 7.75% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A. The dividend will be payable September 1, 2023 to stockholders of record as of August 15, 2023. The Series A depositary shares are traded on the Nasdaq Stock Exchange under the "PACWP" symbol. ABOUT PACWEST BANCOR
SECOND QUARTER 2023 HIGHLIGHTS Net loss available to common stockholders of $207.4 million, or a loss of $1.75 per diluted share as the quarter was impacted by items related to loan sales and restructuring of our Civic subsidiaryAdjusted earnings of $36.0 million and adjusted diluted earnings per common share of $0.22, which exclude the effect of loan sales, lower of cost or market held for sale ("LOCOM HFS") adjustments, and reorganization costs as detailed belowExecuted on strategic plan to divest non-core loan portfolios including selling National Construction portfolio, including $2.6 billion of loans and $2.3 billion of unfunded commitmentsLender Finance portfolio, including $2.1 billi
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