PACWEST BANCORP ANNOUNCES TEMPORARY HALT TO STOCK REPURCHASE PROGRAM
23 März 2020 - 9:45PM
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.
Contact information:Matt Wagner, President and Chief Executive
Officer, (310) 887-8520Pat Rusnak, Executive Vice President and
Chief Financial Officer, (714) 989-4705
PacWest Bancorp (NASDAQ:PACW)
Historical Stock Chart
Von Sep 2024 bis Okt 2024
PacWest Bancorp (NASDAQ:PACW)
Historical Stock Chart
Von Okt 2023 bis Okt 2024