PacWest Bancorp Announces Second Quarter Earnings Release Date and Regulatory Approval of HOA Acquisition

Rhea-AI Summary

PacWest Bancorp (PACW) will announce its financial results for Q2 2021 on July 19, 2021, after market close. The results will be filed with the SEC and made public via press release. In addition, the company has received approval from the FDIC and the California Department of Financial Protection and Innovation for its acquisition of the Homeowners Association Services Division from MUFG Union Bank N.A. The deal is anticipated to close in Q4 2021, subject to customary conditions.

Positive

• Acquisition of Homeowners Association Services Division expected to enhance service offerings.
• Regulatory approvals secured from FDIC and California Department of Financial Protection and Innovation.

Negative

• None.

LOS ANGELES, July 07, 2021 (GLOBE NEWSWIRE) -- PacWest Bancorp (Nasdaq: PACW) (the “Company”) will report its financial results for the quarter ended June 30, 2021 after the close of the stock market on Monday July 19, 2021. The Company will file its quarterly financial results with the SEC via Form 8-K and issue a press release via newswire, which will also be posted on the SEC Filings section of its website at www.pacwestbancorp.com.

The Company also announced today that the FDIC and the California Department of Financial Protection and Innovation have approved its applications for the acquisition of the Homeowners Association Services Division of MUFG Union Bank N.A.. Subject to the satisfaction of customary closing conditions, the transaction is expected to close in the fourth quarter of 2021.

ABOUT PACWEST BANCORP

PacWest Bancorp (“PacWest”) is a bank holding company with over $32 billion in assets headquartered in Los Angeles, California, with an executive office in Denver, Colorado, with one wholly-owned banking subsidiary, Pacific Western Bank (the “Bank”). The Bank has 70 full-service branches located in California, one branch located in Durham, North Carolina, and one branch located in Denver, Colorado. The Bank provides community banking products including 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. The Bank offers national lending products including asset-based, equipment, and real estate loans and treasury management services to established middle-market businesses on a national basis. The Bank also offers venture banking products including a comprehensive suite of financial services focused on entrepreneurial and venture-backed businesses and their venture capital and private equity investors, with offices located in key innovative hubs across the United States. For more information about PacWest Bancorp or Pacific Western Bank, visit www.pacwest.com.

CONTACTS

Matthew P. Wagner President and CEO 303.802.8900	Bart R. Olson Executive Vice President and CFO 714.989.4149	William J. Black Executive Vice President Strategy and Corporate Development 919.597.7466

FAQ

When will PacWest Bancorp report its Q2 2021 financial results?

PacWest Bancorp will report its Q2 2021 financial results on July 19, 2021, after market close.

What acquisition has PacWest Bancorp announced?

PacWest Bancorp has announced the acquisition of the Homeowners Association Services Division of MUFG Union Bank N.A.

When is the expected closing date for PacWest's acquisition?

The acquisition is expected to close in the fourth quarter of 2021, pending customary closing conditions.

What approvals were received for the acquisition?

PacWest Bancorp received approvals from the FDIC and the California Department of Financial Protection and Innovation for the acquisition.

How can I access PacWest Bancorp's financial results?

PacWest Bancorp's financial results will be available on their website and filed with the SEC via Form 8-K.