PacWest Bancorp Announces Quarterly Dividend
01 Mai 2020 - 11:00PM
PacWest Bancorp (Nasdaq: PACW) announced today
that its Board of Directors has declared a quarterly cash dividend
of $0.25 per common share. The cash dividend is payable on May 29,
2020 to stockholders of record at the close of business on May 20,
2020.
Matt Wagner, President and CEO, commented, “Our board’s decision
to reduce the dividend was based upon the careful consideration of
several factors, most notably the economic effects of the COVID-19
pandemic on the US economy and our first quarter financial results.
Given the high level of economic uncertainty, we view reducing the
dividend as a prudent step to preserve capital at this time. Our
business remains fundamentally sound and we are actively processing
PPP loans, with over $1.34 billion of total SBA approvals already
received.”
As noted in our quarterly earnings release on April 21, 2020 our
first quarter net earnings excluding the goodwill impairment was
$36.9 million, or $0.31 per diluted share. Consistent with past
practices, dividend decisions are made by the Board of Directors on
a quarterly basis based on the results of operations, current
conditions and economic outlook.
ABOUT PACWEST BANCORP
PacWest Bancorp (“PacWest”) 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: |
|
Matthew P. Wagner |
|
Patrick J. Rusnak |
|
|
President and CEO |
|
Executive Vice President and CFO |
Phone: |
|
310-887-8520 |
|
714-989-4705 |
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