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Banc of California, Inc. (NASDAQ: PACW) is a prominent banking company based in Los Angeles, California, with an executive office in Denver, Colorado. Through its wholly-owned subsidiary, Pacific Western Bank, the company offers a wide range of financial services primarily focused on business banking and treasury management. The bank's core clientele includes small, middle-market, and venture-backed businesses, reflecting its commitment to fostering community growth and economic development.
Pacific Western Bank operates a network of full-service branches across California, as well as in Durham, North Carolina and Denver, Colorado. Additionally, it maintains loan production offices nationwide, providing a broad array of loan, lease, and deposit products and services. The bank's strategic approach emphasizes relationship-based banking, ensuring personalized and efficient service to all its customers.
In recent developments, PacWest Bancorp has announced a significant merger with Banc of California, Inc. This merger, approved by the Board of Governors of the Federal Reserve System and the California Department of Financial Protection and Innovation, is expected to be completed by the end of 2023. The combined entity will boast approximately $36 billion in assets, $25 billion in total loans, $30 billion in total deposits, and over 70 branches across key locations, enhancing its service footprint and financial strength.
Banc of California, Inc., headquartered in Santa Ana, California, operates with a mission to deliver customized and innovative banking and lending solutions. With assets totaling $9.37 billion as of June 30, 2023, and 32 offices, including 26 full-service branches, the bank serves a diverse clientele of businesses, entrepreneurs, and individuals primarily in Southern California. The bank also offers full-stack payment processing solutions through its subsidiary, Deepstack Technologies.
Financial highlights for the third quarter of 2023 reveal significant improvements, including a $171.9 million increase in noninterest income, primarily driven by reductions in losses from the sale of loans and leases, and a $119.3 million decrease in noninterest expenses. The bank's strategic reduction of higher-cost brokered deposits and growth in customer deposits underscore its sound financial management.
With a commitment to community support through financial literacy, job training, small business support, and affordable housing initiatives, Banc of California, Inc. continues to build enduring relationships and deliver exceptional banking services.
PacWest Bancorp (PACW) reported a strong financial performance for Q2 2021, with net earnings of $180.5 million or $1.52 per diluted share, an increase from Q1. Core deposits rose $1.5 billion (22.9% annualized), comprising 91% of total deposits. Loan growth reached $527 million (11.1% annualized), and excluding PPP loans, it increased by $997 million (22.3% annualized). The allowance for credit losses decreased to $300.2 million, with a provision benefit of $88 million.
Despite challenges including decreased net interest margin, the bank's capital position remained robust with a CET1 ratio of 10.41%.
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.
PacWest Bancorp (Nasdaq: PACW) has appointed Angela Kelley as the new EVP, General Counsel and Corporate Secretary. With over a decade of legal experience in the banking sector, Kelley previously served at NBT Bancorp and Heartland Financial USA. CEO Matt Wagner expressed confidence that her expertise will enhance the company’s legal framework as it expands its offerings. PacWest Bancorp operates with over $32 billion in assets and offers a variety of banking products through its subsidiary, Pacific Western Bank.
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.
PacWest Bancorp has declared a quarterly cash dividend of $0.25 per share, payable on May 28, 2021, to stockholders who are on record by May 17, 2021. This decision reflects the company’s commitment to returning income to its shareholders amidst its operations.
Headquartered in Los Angeles, PacWest Bancorp manages over $32 billion in assets and operates 70 branches, primarily in California. The bank offers a range of financial services focused on small and medium-sized businesses.
Pacific Western Bank, a subsidiary of PacWest Bancorp (PACW), has announced the pricing of $400 million in 3.25% Fixed-to-Floating Rate Subordinated Notes due 2031. The Notes will initially pay 3.25% interest until May 2026, followed by a floating rate linked to three-month term SOFR. Intended to qualify as Tier 2 capital, proceeds will support growth and capital adequacy. The offering closes on April 30, 2021. Piper Sandler & Co. is the bookrunner for this offering, which is aimed at institutional accredited investors.
PacWest Bancorp reported strong first quarter 2021 results with net earnings of $150.4 million or $1.27 per diluted share, reflecting a 28% increase from the previous year. Core deposits surged by $3.3 billion (15%), representing 91% of total deposits. Notably, the provision for credit losses benefited by $48 million, with decreasing nonaccrual loans. However, noninterest expenses rose by 11% driven by Civic acquisition costs. Capital ratios remained solid, with a CET1 ratio of 10.41% and strong credit performance.
PacWest Bancorp (PACW) announced its acquisition of MUFG Union Bank's Homeowners Association (HOA) Services Division for approximately $250 million, reflecting a 5.9% premium on deposits. This strategic move aims to enhance PacWest's HOA banking services and expand its market presence, adding about $4 billion in deposits. The acquisition is expected to close in Q4 2021, pending regulatory approvals. The deal positions PacWest to diversify its revenue streams and leverage the HOA unit's technology and experienced team under the leadership of Kimberly Siebler.
PacWest Bancorp (PACW) has declared a quarterly cash dividend of $0.25 per common share, payable on March 10, 2021, to stockholders of record on March 1, 2021. Headquartered in Los Angeles, PacWest Bancorp oversees over $29 billion in assets and operates a network of branches primarily in California, along with additional locations in North Carolina and Colorado. The company provides comprehensive banking services to small and medium-sized businesses, alongside targeted offerings in National Lending and Venture Banking.
PacWest Bancorp (PACW) reported fourth quarter 2020 earnings of $116.8 million, or $0.99 per diluted share, a significant increase from $45.5 million in Q3 2020. The rise was driven by an $87 million decrease in provisions for credit losses. However, the company faced a net loss of $1.24 billion for the full year due to a $1.47 billion goodwill impairment. Core deposits rose by 5% to $22.3 billion in Q4, and the CET1 ratio stood strong at 10.53%. Despite pandemic challenges, the bank aims to focus on profitability while managing credit risks in 2021.
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