Pacific Western Bank Completes A Credit-Linked Notes Transaction
03 Oktober 2022 - 10:30PM
PacWest Bancorp (Nasdaq: PACW) (the “Company”) has announced that
its subsidiary, Pacific Western Bank, completed a credit-linked
notes transaction. The notes sold had an aggregate principal amount
of $132.8 million with net proceeds of approximately $128.7
million. The notes are linked to the credit risk of an
approximately $2.66 billion reference pool of previously purchased
single-family residential mortgage loans. The notes were issued in
five classes with a blended rate on the notes of SOFR plus 11%. The
transaction will result in a reduction of risk-weighted assets,
thereby improving regulatory capital ratios and would have
increased the Common Equity Tier 1 (“CET1”) capital ratio by
approximately 20 basis points at June 30, 2022. This transaction
represents a step in the Company’s stated goal of increasing the
CET1 capital ratio to 10% by the end of 2023.
Further details can be found in the Form 8-K filed on September
29, 2022, which can be accessed in the SEC Filings section of the
Company’s website at www.pacwestbancorp.com.
ABOUT PACWEST BANCORP
PacWest Bancorp (“PacWest”) is a bank holding company with
approximately $41 billion in assets headquartered in Los Angeles,
California, with an executive office in Denver, Colorado, with one
wholly-owned banking subsidiary, Pacific Western Bank (the “Bank”).
The Bank is focused on relationship-based business banking to
small, middle-market, and venture-backed businesses nationwide. The
Bank offers a broad range of loan and lease and deposit products
and services through 69 full-service branches located in
California, one branch located in Durham, North Carolina, and one
branch located in Denver, Colorado, and numerous loan production
offices across the country. 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 provides venture banking
products including a comprehensive suite of financial services
focused on entrepreneurial and venture-backed businesses and their
venture capital and private equity investors, with offices located
in key innovation hubs across the United States. The Bank also
offers financing of business-purpose non-owner-occupied investor
properties through Civic Financial Services, a wholly-owned
subsidiary. The Bank also provides a specialized suite of services
for the HOA industry. For more information about PacWest Bancorp or
Pacific Western Bank, visit www.pacwest.com.
CONTACTS
Bart R.
Olson |
William J.
Black |
|
Executive Vice President |
Executive Vice President |
|
and CFO |
Strategy and Corporate
Development |
|
714.989.4149 |
919.597.7466 |
|
PacWest Bancorp (NASDAQ:PACW)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
PacWest Bancorp (NASDAQ:PACW)
Historical Stock Chart
Von Jul 2023 bis Jul 2024