Pacific Western Bank Announces New Name for Leasing Division
26 März 2012 - 3:00PM
Pacific Western Bank announced today that Pacific Western Equipment
Finance is the new name of the former Marquette Equipment Finance,
effective as of the close of business on Friday, March 23, 2012.
Following Pacific Western Bank's acquisition of Marquette Equipment
Finance in January 2012, the new name links the 34 year old
Utah-based equipment leasing company with its commercial banking
parent. Pacific Western Bank is the wholly-owned banking subsidiary
of PacWest Bancorp (Nasdaq:PACW).
"This is a significant step in the process of becoming part of
the Pacific Western Bank organization," noted Jim Christensen,
President of Pacific Western Equipment Finance. "We will continue
to serve our clients with innovation and integrity, supported by
the substantial strength of our new parent company. With our new
name, we are positioned to provide our proven financing solutions
for Pacific Western Bank clients as well."
"Pacific Western Equipment Finance will function as a division
of our commercial banking operations, adding business essential
equipment leasing to the variety of financial solutions we offer to
our customers," added Matt Wagner, Chairman and CEO of Pacific
Western Bank and CEO of PacWest Bancorp.
Pacific Western Equipment Finance focuses on business-essential
equipment leases with transactions primarily in the mid-ticket
segment, providing working capital financing and equipment leasing
to growing companies located throughout the United States. At
December 31, 2011, Pacific Western Equipment Finance had
approximately $162 million in gross leases and leases in process
outstanding. With leases spread across 18 industries, 68% of
Pacific Western Equipment Finance's lease portfolio is concentrated
in the financial services/insurance, manufacturing, and health care
industries.
ABOUT PACWEST BANCORP AND PACIFIC WESTERN
BANK
PacWest Bancorp ("PacWest") is a bank holding company with $5.5
billion in assets as of December 31, 2011, with one wholly-owned
banking subsidiary, Pacific Western Bank ("Pacific Western").
Through 76 full-service community banking branches, Pacific Western
provides commercial banking services, including real estate,
construction and commercial loans, to small and medium-sized
businesses. Pacific Western's branches are located throughout
California in Los Angeles, Orange, Riverside, San Bernardino, Santa
Barbara, San Diego, San Francisco, San Luis Obispo, San Mateo and
Ventura Counties. Through its subsidiary BFI Business Finance, and
its divisions Pacific Western Equipment Finance and First Community
Financial, Pacific Western also provides working capital financing
and equipment leasing to growing companies located throughout the
Southwest, primarily in Arizona, California, Utah and Texas.
Additional information regarding PacWest Bancorp is available on
the Internet at www.pacwestbancorp.com. Information regarding
Pacific Western Bank is also available on the Internet at
www.pacificwesternbank.com.
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking information
about PacWest that is intended to be covered by the safe harbor for
"forward-looking statements" provided by the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact are forward-looking statements. Such statements
involve inherent risks and uncertainties, many of which are
difficult to predict and are generally beyond the control of the
Company. We caution readers that a number of important factors
could cause actual results to differ materially from those
expressed in, implied or projected by, such forward-looking
statements. Risks and uncertainties include, but are not limited
to: lower than expected revenues; credit quality deterioration or a
reduction in real estate values could cause an increase in the
allowance for credit losses and a reduction in net earnings;
increased competitive pressure among depository institutions; the
Company's ability to complete future acquisitions, successfully
integrate such acquired entities, or achieve expected beneficial
synergies and/or operating efficiencies within expected timeframes
or at all; settlements with the FDIC related to our loss-sharing
arrangement and other adjustments related to the Los Padres Bank
and Affinity Bank acquisitions; the possibility that personnel
changes will not proceed as planned; the cost of additional capital
is more than expected; a change in the interest rate environment
reduces net interest margins; asset/liability repricing risks and
liquidity risks; pending legal matters may take longer or cost more
to resolve or may be resolved adversely to the Company; general
economic conditions, either nationally or in the market areas in
which the Company does or anticipates doing business, are less
favorable than expected; environmental conditions, including
natural disasters, may disrupt our business, impede our operations,
negatively impact the values of collateral securing the Company's
loans or impair the ability of our borrowers to support their debt
obligations; the economic and regulatory effects of the continuing
war on terrorism and other events of war, including the conflicts
in the Middle East; legislative or regulatory requirements or
changes adversely affecting the Company's business; changes in the
securities markets; regulatory approvals for any capital activities
cannot be obtained on the terms expected or on the anticipated
schedule; and, other risks that are described in PacWest's public
filings with the U.S. Securities and Exchange Commission (the
"SEC"). If any of these risks or uncertainties materializes or if
any of the assumptions underlying such forward-looking statements
proves to be incorrect, PacWest's results could differ materially
from those expressed in, implied or projected by such
forward-looking statements. PacWest assumes no obligation to update
such forward-looking statements.
For a more complete discussion of risks and uncertainties,
investors and security holders are urged to read PacWest Bancorp's
annual report on Form 10-K, quarterly reports on Form 10-Q and
other reports filed by PacWest with the SEC. The documents filed by
PacWest with the SEC may be obtained at PacWest Bancorp's website
at www.pacwestbancorp.com or at the SEC's website at www.sec.gov.
These documents may also be obtained free of charge from PacWest by
directing a request to: PacWest Bancorp c/o Pacific Western Bank,
275 North Brea Boulevard, Brea, CA 92821. Attention: Investor
Relations. Telephone 714-671-6800.
CONTACT: MEDIA CONTACTS:
Jim Christensen: 801-566-9201
Matt Wagner: 310-728-1020
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