{"id":726590,"date":"2023-01-27T12:56:03","date_gmt":"2023-01-27T17:56:03","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/update-pacwest-bancorp-announces-the-evolution-of-its-business-strategy\/"},"modified":"2023-01-27T12:56:03","modified_gmt":"2023-01-27T17:56:03","slug":"update-pacwest-bancorp-announces-the-evolution-of-its-business-strategy","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/update-pacwest-bancorp-announces-the-evolution-of-its-business-strategy\/","title":{"rendered":"UPDATE – PacWest Bancorp Announces the Evolution of Its Business Strategy"},"content":{"rendered":"
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LOS ANGELES, Jan. 27, 2023 (GLOBE NEWSWIRE) — PacWest Bancorp (Nasdaq:PACW) (the \u201cCompany\u201d) today announced a new strategic plan with a mission to maximize shareholder value by exceeding customer expectations. This plan focuses on strengthening our community bank businesses, exiting non-core products and services, and improving our operational efficiency.<\/p>\n

Specifically, the Company made the decision to wind down operations in our Premium Finance and Multi-Family lending groups in the fourth quarter of 2022. In addition, the Company is restructuring Civic, a lending subsidiary, to improve its profitability and risk profile. Further, the Company opportunistically sold $1 billion of available-for-sale securities at a loss in the fourth quarter of 2022 and used the proceeds to pay down FHLB borrowings. These actions align with our strategy to focus on relationship-based community banking and to improve capital, liquidity, and operational efficiency.<\/p>\n

Paul W. Taylor, President and CEO, said, \u201cWe see opportunity for growth in earnings through focusing on our core businesses and customers. Our plan is to build on the strengths of our deposit-focused relationship-based community bank businesses, operating as One Team<\/strong>. PacWest has a long history of acquisitions that brought us great customers, talented employees but also varied processes and different cultures. We are operating with a sense of urgency and believe the time is right to focus on coming together to function more uniformly and efficiently as One Team<\/strong>, regardless of business line or corporate function.\u201d<\/p>\n

Mr. Taylor added, \u201cWe are focused on specific financial performance metrics that we believe are achievable and where the Bank should perform over time.\u201d<\/p>\n

Our One Team<\/strong> Goals are:<\/p>\n