LOS ANGELES, May 05, 2023 (GLOBE NEWSWIRE) -- 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. Thompson Executive Vice President, Chief Financial Officer 303.802.8934 | William J. Black Executive Vice President, Strategy and Corporate Development 919.597.7466 |
