PacWest Bancorp Announces Retirement of Victor R. Santoro; Patrick J. Rusnak to Join PacWest as New Chief Financial Officer
14 April 2015 - 12:30PM
PacWest Bancorp (Nasdaq:PACW) ("PacWest" or "the Company")
announced that Victor R. Santoro intends to retire from his
position as Chief Financial Officer of the Company effective in
mid-August 2015 subsequent to the Company's filing of its Form 10-Q
for the second quarter of 2015. Following his retirement as CFO,
Mr. Santoro will continue to work with the Company as Vice Chairman
– Corporate Development and assist with the transition of his CFO
responsibilities. Mr. Santoro will be succeeded by Patrick J.
Rusnak, who is expected to assume the roles of Executive Vice
President and Chief Financial Officer upon Mr. Santoro's retirement
as CFO of the Company in mid-August 2015.
Matt Wagner, President and Chief Executive Officer of PacWest,
stated, "Vic Santoro has been our CFO since joining the Company in
September 2003 and has made substantial contributions to the
overall success of PacWest. He has been a valued business partner
working with me and the Board not only on financial matters, but
also on the 16 acquisitions completed during his tenure. In his new
role as Vice Chairman, Vic will continue to work with me on
significant business issues and stockholder and investor matters,
and manage the closing and integration of the Square 1 merger. We
will miss him greatly upon his final retirement and separation from
the Company in June 2016."
Mr. Rusnak will join the Company on April 27, 2015 as Executive
Vice President and Chief Financial Officer of Pacific Western Bank.
He most recently served as Chief Financial Officer for Sterling
Financial Corporation and previously served in several executive
roles for AmericanWest Bancorporation, including Chief Executive
Officer from July 2008 to December 2010.
Mr. Wagner added, "We are delighted to welcome Pat to the
PacWest organization. As a proven and successful financial manager,
he brings a wealth of experience that will be invaluable to us as
we continue to build our first-in-class franchise serving
businesses in our market areas across the United States. He will
make an excellent addition to our executive management team, and I
look forward to working with Pat in the years to come."
ABOUT PACWEST BANCORP
PacWest Bancorp is a bank holding company with over $16 billion
in assets with one wholly-owned banking subsidiary, Pacific Western
Bank ("Pacific Western"). Through 80 full-service branches located
throughout the state of California, Pacific Western provides
commercial banking services, including real estate, construction,
and commercial loans, to small and medium-sized businesses. Pacific
Western and its CapitalSource division deliver the full spectrum of
financing solutions nationwide across numerous industries and
property types. For more information about PacWest Bancorp, visit
www.pacwestbancorp.com, or to learn more about Pacific Western
Bank, visit www.pacificwesternbank.com.
CONTACT: Matthew P. Wagner
President and CEO
10250 Constellation Boulevard, Suite 1640
Los Angeles, CA 90067
Phone: 310-728-1020
Victor R. Santoro
Executive Vice President and CFO
10250 Constellation Boulevard, Suite 1640
Los Angeles, CA 90067
Phone: 310-728-1021
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