LOS ANGELES, May 05, 2023 (GLOBE NEWSWIRE) — PacWest Bancorp PACW announced today that its Board of Directors declared a quarterly cash dividend of $0.01 per common share on May 3, 2023. The cash dividend is payable on May 31, 2023 to shareholders 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 non-cumulative perpetual preferred stock, Series A. The dividend will be paid to shareholders on June 1, 2023 be payable by record dated May 15, 2023. The Series A Depositary Shares will trade on the Nasdaq Stock Exchange under the symbol “PACWP”.

Paul Taylor, President and CEO, commented: “Given the current economic uncertainty, recent volatility in the banking sector and possible changes in regulatory capital requirements, we view the dividend cut as a prudent step to further our capitalization plans to CET1 of 10% accelerate. +. Our business remains fundamentally solid and we will continue our strategy of focusing on our relationship-based community banking model.”

As noted in our press release dated April 25, 2023, our adjusted earnings for the first quarter, excluding goodwill impairment and reorganization charges, 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 operating results, current business conditions and the economic outlook.

ABOUT PACWEST BANCORP

PacWest Bancorp (“PacWest”) is a banking holding company headquartered in Los Angeles, California with a board office in Denver, Colorado and a wholly owned subsidiary, Pacific Western Bank (the “Bank”). Pacific Western Bank is a relationship-based community bank focused on providing commercial banking and treasury management services to small, medium and venture capitalized companies. The bank offers a wide range of lending and leasing and deposit products and services…