PacWest Bancorp Announces Quarterly Dividends
06 Mai 2023 - 4:00AM
PacWest Bancorp (Nasdaq: PACW) announced today that on May 3, 2023,
its Board of Directors declared a quarterly cash dividend of $0.01
per common share. The cash dividend is payable on May 31, 2023 to
stockholders of record at the close of business on May 15, 2023.
On May 3, 2023, the Board of Directors also declared a quarterly
cash dividend of $0.4845 per depositary share on its 7.75% Fixed
Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A. The
dividend will be payable June 1, 2023 to stockholders of record as
of May 15, 2023. The Series A depositary shares are traded on the
Nasdaq Stock Exchange under the “PACWP” symbol.
Paul Taylor, President and CEO, commented, “Given current
economic uncertainty, recent volatility in the banking sector and
potential changes in regulatory capital requirements, we view
reducing the dividend as a prudent step to accelerate our plans to
build capital to CET1 of 10%+. Our business remains fundamentally
sound, and we will continue with our strategy to focus on our
relationship-based community banking model.”
As noted in our press release on April 25, 2023, our first
quarter adjusted earnings excluding goodwill impairment and
reorganization costs were $89.4 million, or $0.66 per diluted
share. Consistent with past practice, dividend decisions are made
by the Board of Directors on a quarterly basis based on the results
of operations, current business conditions and the economic
outlook.
ABOUT PACWEST BANCORP
PacWest Bancorp (“PacWest”) is a bank holding company
headquartered in Los Angeles, California, with an executive office
in Denver, Colorado, with one wholly-owned banking subsidiary,
Pacific Western Bank (the “Bank”). Pacific Western Bank is a
relationship-based community bank focused on providing business
banking and treasury management services to small, middle-market,
and venture-backed businesses. The Bank offers a broad range of
loan and lease and deposit products and services through
full-service branches throughout California and in Durham, North
Carolina and Denver, Colorado, and loan production offices around
the country. For more information about PacWest Bancorp or Pacific
Western Bank, visit www.pacwest.com.
CONTACTS
Kevin L.
ThompsonExecutive Vice President,Chief Financial
Officer303.802.8934 |
|
William J.
BlackExecutive Vice President,Strategy and Corporate
Development919.597.7466 |
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