BEVERLY HILLS, Calif.,
April 19, 2018 /PRNewswire/
-- Pacific Western Bank is proud to announce that the Federal
Deposit Insurance Corporation rated the Bank as "Outstanding" at
its most recent CRA evaluation. The review period was from
January 1, 2015 through September 30, 2017, and this rating represents
the highest possible rating. The rating comes as a welcome
acknowledgement of the Bank's concentrated efforts to serve the
immediate and long term credit and financial needs of the
communities it serves.
This evaluation illustrates Pacific Western Bank's active
engagement in extending loans and providing investments and
services to communities of diverse income, background, business
types and revenue size. In addition, the bank provides regular
outreach and educational opportunities to help communities become
informed about the financial vehicles and options available to
them. Highlights noted in the FDIC's report include:
- The Bank's geographic distribution of loans reflects good
penetration throughout its assessment areas.
- The Bank's distribution of borrowers reflects, given the
product lines offered, good penetration among businesses of
different revenue sizes.
- The Bank is a leader in making community development (CD)
loans.
- The Bank uses innovative and/or flexible lending practices in
order to serve assessment area credit needs.
- The Bank, often in a leadership position, has an excellent
level of qualified CD investments and grants, particularly those
that are not routinely provided by private investors.
- The Bank exhibits excellent responsiveness to credit and
community economic development needs.
- The Bank is a leader in providing CD services.
Recently, the Bank updated its CRA Plan on its website for the
next three years, which includes the following goals:
- $1.2 billion in small business
loans of $1 million or less;
- $1.7 billion in qualified
community development loans;
- $389 million in outstanding
community development investments; and
- $9.9 million in charitable
contributions.
The Community Reinvestment Act requires all banks to meet the
credit needs of the low and moderate income communities where the
bank operates. The evaluation assesses bank practices such as small
business lending, community development lending and investment, and
employee community involvement. For the overall rating and three
subcategories, banks are assigned one of four ratings: Outstanding,
Satisfactory, Needs to Improve or Substantial Noncompliance.
About Pacific Western Bank
Pacific Western Bank has
approximately $25 billion in assets.
The Bank has 75 full-service branches located throughout the state
of California and one branch in
Durham, North Carolina. We provide
commercial banking services, including real estate, construction,
and commercial loans, and comprehensive deposit and treasury
management services to small and medium-sized businesses. We offer
additional products and services through our CapitalSource and
Square 1 Bank divisions. Our CapitalSource Division provides
asset-based, real estate, equipment and cash flow loans and leases
and treasury management services to established middle market
businesses on a national basis. Our Square 1 Bank Division offers a
comprehensive suite of financial services focused on
entrepreneurial businesses and their venture capital and private
equity investors, with offices located in key innovative hubs
across the United States. Pacific
Western Bank is a wholly-owned subsidiary of PacWest Bancorp
(NASDAQ:PACW). For more information, visit
pacificwesternbank.com.
Media Contact: Kristen
Mboijana | PacWest Bancorp | 301.634.6905 |
kmboijana@pacificwesternbank.com
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SOURCE Pacific Western Bank