LOS ANGELES, March 23, 2020 (GLOBE NEWSWIRE) -- PacWest Bancorp (Nasdaq: PACW) (“PacWest”) announced today that it will temporarily suspend its stock repurchase program for the remainder of the first quarter and second quarter of 2020. PacWest has not repurchased any stock under its current stock repurchase program which became effective on March 1, 2020.
The COVID-19 pandemic has become an unprecedented challenge for customers, employees and the global economy. In its announcement of a comprehensive program designed to support the flow of credit to businesses and households, the Federal Reserve encouraged banks to maintain strong capital levels and liquidity in order to ensure that actions that would otherwise limit access to credit are avoided. This action is being taken to support the efforts of the Federal Reserve to moderate the impact of COVID-19 on the national economy.
PacWest has the ability to reinstate the stock repurchase program as circumstances warrant. PacWest maintains regulatory capital levels far above what is needed to be designated “well-capitalized” and has the ability to continue to lend and support its customers and employees during this challenging time.
ABOUT PACWEST BANCORP
PacWest Bancorp is a bank holding company with over $26 billion in assets headquartered in Los Angeles, California, with executive offices in Denver, Colorado with one wholly-owned banking subsidiary, Pacific Western Bank (the “Bank”). The Bank has 74 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 or 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.
Matt Wagner, President and Chief Executive Officer, (310) 887-8520
Pat Rusnak, Executive Vice President and Chief Financial Officer, (714) 989-4705