PacWest Bancorp (“PacWest” or the “Company”) (Nasdaq: PACW), the parent holding company of Pacific Western Bank (the “Bank”), announced that it has priced an underwritten public offering of 20,530,000 depositary shares with a liquidation preference of $25.00 per depositary share, for gross proceeds of $513,250,000 before deducting underwriting discounts and other estimated offering expenses. Each depositary share represents a 1/40th interest in a share of the Company’s 7.75% Fixed Rate Reset Non-Cumulative Perpetual Series A Preferred Stock, at a public offering price of $25.00 per depository share. The closing of the offering occurred on June 6, 2022.
PacWest intends to use the net proceeds for general corporate purposes, which may include repayment or redemption of outstanding indebtedness, the payment of dividends, providing capital to support the Company’s organic growth or growth through strategic acquisitions, capital expenditures, financing investments, repurchasing shares of its common stock, and for investments in the Bank as regulatory capital.
PacWest has filed an application to list the depositary shares on the Nasdaq Stock Market ("Nasdaq") under the symbol "PACWP". If the application is approved, trading of the depositary shares on Nasdaq is expected to begin within 30 days after the closing date.
About PacWest Bancorp
PacWest Bancorp is a bank holding company with over $39 billion in assets headquartered in Los Angeles, California, with an executive office in Denver, Colorado, with one wholly-owned banking subsidiary, Pacific Western Bank (the “Bank”). The Bank is focused on relationship-based business banking to small, middle-market, and venture-backed businesses nationwide. The Bank offers a broad range of loan and lease and deposit products and services through 69 full-service branches located in California, one branch located in Durham, North Carolina, and one branch located in Denver, Colorado, and numerous loan production offices around the country. The Bank provides community banking products including lending and comprehensive deposit and treasury management services to small and medium-sized businesses conducted primarily through their 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 provides venture banking products including a comprehensive suite of financial services focused on entrepreneurial and venture-backed businesses and their venture capital and private equity investors, with offices located in key innovative hubs across the United States. The Bank also offers financing of business-purpose, non-owner-occupied investor properties through Civic, a wholly-owned subsidiary. The Bank also provides a specialized suite of services for the HOA industry.