PACIFIC WESTERN BANK RELEASES 2021 Environmental Social Governance REPORT

Rhea-AI Summary

PACIFIC WESTERN BANK has released its 2021 Environmental Social Governance Report, highlighting $1 billion in lending for low- and moderate-income individuals and small businesses, along with $3.5 million in charitable contributions. The bank earned an outstanding CRA rating from the FDIC and logged 2,896 employee volunteer hours. Notably, 51% of its workforce is racially diverse. The report also showcases the bank's efforts under its "Banking on the Future" initiative aimed at sustainable development and community support.

Positive

• $1 billion in lending for low- and moderate-income individuals and small businesses
• $3.5 million in charitable contributions to local communities
• Outstanding CRA rating from the FDIC
• 2,896 employee volunteer hours logged
• 51% of the workforce is racially diverse
• Originated 2,032 Paycheck Protection Program loans

Negative

• None.

PACIFIC WESTERN BANK (THE "BANK"), THE WHOLLY-OWNED BANKING SUBSIDIARY OF PACWEST BANCORP (NASDAQ: PACW), ANNOUNCED TODAY THE RELEASE OF THE 2021 ENVIRONMENTAL SOCIAL GOVERNANCE REPORT, WHICH IS AVAILABLE AT: HTTPS://WWW.PACWEST.COM/SITES/DEFAULT/FILES/FILES/2021ENVIRONMENTALSOCIALGOVERNANCEREPORT.PDF

LOS ANGELES, April 7, 2022 /PRNewswire/ -- PWB 2021 Environmental Social Governance Report
Some of the key developments that are highlighted in the 2021 Report include:

• $1 billion in lending benefiting low- or moderate-income individuals and small businesses
• $3.5 million in charitable contributions to benefit local communities
• Outstanding CRA rating from the FDIC
• 2,896 Employee volunteer hours
• Our total workforce is 51% racially diverse
• Originated 2,032 Paycheck Protection Program loans to help small businesses in our communities

"We believe that change is driven by empowering those we serve," said Matt Wagner, President and CEO. "Accordingly, we increased our efforts to deploy capital to businesses supporting sustainable development in their local communities and on a national level through our "Banking on the Future" initiative. In this Report, you will find real-life stories of business leaders and entrepreneurs who are forging a new and profitable path to positively impact the environment and the world to further equality and equity."

This is the Bank's second full-length report following the inaugural release of its 2020 Report in 2021.

ABOUT PACWEST BANCORP
PacWest Bancorp ("PacWest") is a bank holding company with over $40 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 69 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 provides 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. The Bank also offers financing of business-purpose, non-owner-occupied investor properties through Civic Financial Services, a wholly-owned subsidiary. The Bank also offers a specialized suite of services for the HOA industry. For more information about PacWest Bancorp or Pacific Western Bank, visit www.pacwest.com.

CONTACT:
Pamela Flores
7732189260
pamflo@ameritech.net

View original content:https://www.prnewswire.com/news-releases/pacific-western-bank-releases-2021-environmental-social-governance-report-301520264.html

SOURCE Pacific Western Bank

FAQ

What were the key highlights of PACW's 2021 Environmental Social Governance Report?

Key highlights include $1 billion in lending to low- and moderate-income individuals, $3.5 million in charitable contributions, an outstanding CRA rating from the FDIC, and 51% workforce diversity.

How many Paycheck Protection Program loans did PACW originate in 2021?

PACW originated 2,032 Paycheck Protection Program loans to support small businesses.

What is the significance of the CRA rating received by PACW?

The outstanding CRA rating from the FDIC indicates PACW's strong commitment to serving low- and moderate-income communities.

When was the PACW 2021 Environmental Social Governance Report released?

The report was released on April 7, 2022.

Where can I find the PACW 2021 Environmental Social Governance Report?

The report is available on PACW's official website, or you can view it directly at https://www.pacwest.com/sites/default/files/files/2021EnvironmentalSocialGovernanceReport.pdf.