LOS ANGELES, May 01, 2020 (GLOBE NEWSWIRE) -- 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.
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