Pacific Western Bank Releases 2020 Corporate Social Responsibility Report

Rhea-AI Summary

Pacific Western Bank, a subsidiary of PacWest Bancorp (NASDAQ: PACW), has released its inaugural Corporate Social Responsibility Report. This report outlines the Bank's commitment to environmental, social, and governance (ESG) principles, highlighting key achievements such as $669 million in community development lending, $3.5 million in charitable contributions, and an outstanding CRA rating from the FDIC. The workforce diversity includes 58% female and 49% racially diverse employees. The report showcases the Bank’s ongoing efforts to positively impact communities and businesses.

Positive

• $669 million in community development lending to low- or moderate-income borrowers.
• $3.5 million in charitable contributions to local communities.
• Outstanding CRA rating from the FDIC for the second consecutive three-year period.
• Workforce composed of 58% females and 49% racially diverse employees.
• Over 6,000 small businesses/non-profits assisted through the Paycheck Protection Program.

Negative

• None.

LOS ANGELES, May 04, 2021 (GLOBE NEWSWIRE) -- Pacific Western Bank (the “Bank”), the wholly-owned banking subsidiary of PacWest Bancorp (Nasdaq: PACW), announced today the release of its inaugural Corporate Social Responsibility Report, which is available at:

PWB 2020 Social Responsibility Report

The Bank has been working on telling our environmental, social and governance (“ESG”) story, starting with the two-page Corporate Social Responsibility Highlights summary issued for 2019 and has now taken further steps through the issuance of this comprehensive Corporate Social Responsibility Report. This 2020 Corporate Social Responsibility Report focuses on a wide range of topics, including community reinvestment, human capital, diversity and inclusion, corporate governance, ethics and risk management and sustainability.

“When viewed together, these topics form the pillars of the Bank’s corporate social responsibility strategy and they help define our community banking culture,” said Matt Wagner, President and CEO. “This report focuses on how our culture inspires and enables us to change what’s possible for our business, our customers, our employees, our communities and our environment. We take great pride in our work and we are excited to share it with all our stakeholders in this report.”

Some of the key developments that are highlighted in the 2020 Corporate Social Responsibility Report include:

• $669 million in community development lending benefiting low- or moderate-income borrowers
• $3.5 million in charitable contributions to benefit local communities
• Outstanding CRA rating from the FDIC, for the second consecutive 3-year period
• Our total workforce is 58% female
• Our total workforce is 49% racially diverse
• Over 6,000 small businesses/non-profits assisted through the Paycheck Protection Program

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 EVP and CFO 714.989.4149

William J. Black EVP Strategy and Corporate Development 919.597.7466

 

FAQ

What is the significance of Pacific Western Bank's Corporate Social Responsibility Report?

The report outlines the Bank's commitment to ESG principles and highlights its community development efforts.

What are the key financial contributions mentioned in the Pacific Western Bank report?

The report mentions $669 million in community development lending and $3.5 million in charitable contributions.

How diverse is the workforce at Pacific Western Bank?

The workforce is 58% female and 49% racially diverse.

What ratings has Pacific Western Bank received from regulators?

The Bank received an outstanding CRA rating from the FDIC for the second consecutive three-year period.

How many businesses benefited from the Paycheck Protection Program through Pacific Western Bank?

Over 6,000 small businesses and non-profits were assisted.