LOS ANGELES, April 10, 2023 /PRNewswire/ -- Pacific Western Bank (the "Bank"), the primary subsidiary of PacWest Bancorp (Nasdaq: PACW), announced today the release of its 2022 Environmental Social Governance (ESG) Report, which is available at:
Pacific Western Bank 2022 ESG Report
This report looks back at Pacific Western Bank's actions in environmental sustainability, social impact, diversity, equity and inclusion, community development and reinvestment, corporate governance, ethics and risk management. It highlights the impact those actions have had on our communities and customers.
2022 highlights include:
- Partnered with an external advisory team of ESG experts to complete a materiality assessment to determine, on a relative basis, which topics were most relevant to our stakeholders and business.
- Provided $462.1 million of tax-exempt and taxable financing to fund the development of 18 affordable housing projects across California in FEMA-designated disaster areas.
- Launched a Green Solutions for Emerging Communities grant program.
- A 33% increase to 20 LEED-certified locations.
- $1.6 billion in Community Development lending benefiting low-or moderate-income individuals, communities or small businesses. A 60% increase from 2021.
- Received a Silver-level Healthy Workforce designation from Cigna.
- Increased employee volunteer hours by 34% to 4,385 hours in 2022.
"I believe our ESG progress in 2022 speaks to our in-depth and ongoing commitment to be a conscious contributor to the betterment of our clients, stockholders, communities, and each other," said Paul W. Taylor, President and CEO. "This year's report showcases our continued progress and success in many areas, and we will continue to evolve to support this commitment."
ABOUT PACWEST BANCORP
PacWest Bancorp ("PacWest") is a bank holding company headquartered in Los Angeles, California, with an executive office in Denver, Colorado, with one wholly-owned banking subsidiary, Pacific Western Bank (the "Bank"). Pacific Western Bank is a relationship-based community bank focused on providing business banking and treasury management services to small, middle-market, and venture-backed businesses. The Bank offers a broad range of loan and lease and deposit products and services through full-service branches throughout California and in Durham, North Carolina and Denver, Colorado, and loan production offices around the country. For more information about PacWest Bancorp or Pacific Western Bank, visit www.pacwest.com.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This release contains certain "forward-looking statements" about PacWest Bancorp and its subsidiaries within the meaning of the Private Securities Litigation Reform Act of 1995, including regarding the Bank's future ESG activities, plans, objectives and expectations. Statements that are not historical or current facts, including statements about future financial and operational results, expectations, or intentions are forward-looking statements. Such statements often use words such as "anticipates," "targets," "expects," "estimates," "intends," "plans," "believes," "continue" and other similar expressions or future or conditional verbs such as "will," "may," "might," "should," "would" and "could." Such statements are based on information available at the time of this report and are based on current beliefs and expectations of the Company's management and are subject to significant risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from those expressed in them. Actual results may differ materially from those set forth or implied in the forward-looking statements due to a variety of factors, including the risk factors described in documents filed by the Company with the U.S. Securities and Exchange Commission. All forward-looking statements in this report are based on information available at the time the statement is made. We are under no obligation (and expressly disclaim any such obligation) to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
CONTACTS
Laura Judge
SVP, Director,
Corporate Communications
ljudge@pacwest.com
714.989.4682
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SOURCE Pacific Western Bank
