Pacific West Bank and Unit Announce Strategic Partnership
Rhea-AI Summary
Pacific West Bank (PWB), a subsidiary of Pacific West Bancorp (OTC: PWBK), has formed a strategic partnership with Unit, a leading banking-as-a-service platform. This collaboration aims to integrate PWB's banking services into various products offered by Unit's clients, enhancing financial access and services. Unit has reported significant growth, with over $4 billion in transaction volume and $500 million in deposits, while Pacific West Bank experienced a net income increase of over 20% in 2022. Both companies anticipate a continued upward growth trajectory, with several promising banking products expected to launch soon.
Positive
- Strategic partnership with Unit enhances product offerings.
- Unit's transaction volume surpassed $4 billion, indicating strong demand.
- Pacific West Bank achieved over 20% growth in net income in 2022.
Negative
- None.
AI-generated analysis. How Rhea-AI works. Not financial advice.
"We're excited to partner with Pacific West Bank as they share our commitment to compliance, security, and quality," said
This partnership will allow both companies to continue their strong growth. Unit is trusted by nearly 200 leading brands to launch and scale financial features. Over the last year, Unit has seen transaction volume cross
"We see this partnership as a new opportunity for PWB to accelerate our growth, while expanding our mission to serve unique and diverse communities. We are thrilled to partner with Unit, the banking-as-a-service leader, as we look to take advantage of the exciting new embedded banking industry," said
The strategic partnership has already sourced several promising companies who are preparing to launch banking products in the coming weeks.
"Pacific West Bank is a consistent supporter of the local community and is designated as a
Dana joined the Bank in August of 2022 and brings over 20 years of experience in financial services with the last 9 years building and scaling compliance and risk management programs for fintech and banking-as-a-service programs.
About
Pacific West Bank was formed in 2004 by
About UNIT: Unit is the leading banking-as-a-service platform that empowers companies to build banking into their products. Unit accelerates time to market and enables companies to launch bank accounts, cards, payment, and lending products in weeks. Headquartered in
For more information, visit www.unit.co
Unit and featured clients are financial technology companies and not banks. Banking and lending services are provided by Unit's partner banks who are Members FDIC.
Pacific West Bank Media Contact:
President
(503) 912-2101
jwessling@bankpacificwest.com
Certain statements in this release may be deemed to be "forward-looking statements." Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement.
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SOURCE Pacific West Bank