UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 24, 2018
PACWEST BANCORP
(Exact name of registrant as specified in its charter)
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Delaware |
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001-36408 |
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33-0885320 |
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(State or other jurisdiction |
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(Commission File Number) |
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(IRS Employer Identification No.) |
9701 Wilshire Boulevard, Suite 700
Beverly Hills, CA 90212
(Address of principal executive offices)
(310) 887-8500
(Registrant’s Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) of Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 8.01. Other Events.*
PacWest Bancorp issued a press release today announcing an increase in the quarterly cash dividend rate to be paid to its stockholders to $0.60 per common share from the previous quarterly dividend rate of $0.50 per common share. The increased dividend will be payable on May 31, 2018 to stockholders of record as of May 21, 2018. The press release announcing the increase in the quarterly cash dividend rate is attached as Exhibit 99.1 to this report and is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.*
(d) Exhibits.
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Exhibit No. |
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Description |
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99.1 |
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*The information furnished under Item 8.01 and Item 9.01 of this Current Report on Form 8-K, including the exhibit, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section, nor shall it be deemed incorporated by reference in any registration statement or other filings of PacWest Bancorp under the Securities Act of 1933, as amended, except as shall be set forth by specific reference in such filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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PACWEST BANCORP | |
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Date: April 24, 2018 |
By: |
/s/ Bart R. Olson |
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Name: |
Bart R. Olson |
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Title: |
EVP, Chief Accounting Officer |
PRESS RELEASE
PacWest Bancorp
(Nasdaq: PACW)
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Contact: |
Don D. Destino |
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Executive Vice President, Corporate Development and Investor Relations |
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Phone: |
310-887-8521 |
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FOR IMMEDIATE RELEASE |
April 24, 2018 |
PACWEST BANCORP ANNOUNCES INCREASED QUARTERLY DIVIDEND
— $0.60 Per Share Cash Dividend Payable on May 31, 2018
to Stockholders of Record on May 21, 2018 —
Los Angeles, California . . . PacWest Bancorp (Nasdaq: PACW) announced today that its Board of Directors has declared a quarterly cash dividend of $0.60 per common share, an increase from $0.50 per common share declared last quarter. The cash dividend is payable on May 31, 2018 to stockholders of record at the close of business on May 21, 2018.
Matt Wagner, President and CEO of PacWest Bancorp, stated “Our current level of profitability and confidence in continued strong financial performance support this increase in our quarterly dividend. We are pleased to continue to make current income an important component of shareholder return.”
ABOUT PACWEST BANCORP
PacWest Bancorp (“PacWest”) is a bank holding company with approximately $24 billion in assets with one wholly-owned banking subsidiary, Pacific Western Bank (the “Bank”). The Bank has 74 full-service branches located throughout the state of California and one branch in Durham, North Carolina. We provide commercial banking services, including real estate, construction, and commercial loans, and comprehensive deposit and treasury management services to small and medium-sized businesses. We offer additional products and services through our CapitalSource and Square 1 Bank divisions. Our CapitalSource Division provides asset-based, equipment, real estate and security cash flow loans and treasury management services to established middle market businesses on a national basis. Our Square 1 Bank Division offers a comprehensive suite of financial services focused on entrepreneurial 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, visit www.pacwestbancorp.com, or to learn more about Pacific Western Bank, visit www.pacificwesternbank.com.
Contact information:
Don D. Destino, Executive Vice President, Corporate Development and Investor Relations, (310) 887-8521