8-K

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 27, 2018

PACWEST BANCORP

(Exact name of registrant as specified in its charter)

Delaware	001-36408	33-0885320
(State or other jurisdiction of incorporation)	(Commission File Number)	(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:

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-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 5.02   Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On April 27, 2018, the Compensation, Nominating and Governance Committee of PacWest Bancorp (the “Company”) approved an amendment to the Company’s existing employment arrangement with James J. Pieczynski, the Company’s Executive Vice President, President of the CapitalSource Division of Pacific Western Bank (the “Bank”) and member of the Board of Directors of the Company and the Bank.

Under the new employment arrangement, effective June 1, 2018, Mr. Pieczynski will no longer serve on a full-time basis in his current capacity. Instead, Mr. Pieczynski will continue his employment with the Bank on a part-time basis (3 days per week) at an annual base salary of $480,000 and will have the title of Vice Chairman.

Mr. Pieczynski will remain an executive officer of the Company for purposes of Section 16 under the Securities Exchange Act of 1934, as amended. Additionally, he will continue to serve as an employee director on the Board of Directors of the Company and the Bank and will continue to be subject to the requirements of Regulation O of the Board of Governors of the Federal Reserve System. Finally, Mr. Pieczynski will continue to serve as a member of the credit committees of the Bank’s CapitalSource and Square 1 Bank Divisions.

Item 8.01.  Other Events.*

In connection with Mr. Pieczynski’s new employment arrangement, Laird M. Boulden has been appointed, effective June 1, 2018, as the President of the CapitalSource Division of the Bank.  Mr. Boulden currently serves as the CapitalSource Division Executive Vice President, Chief Lending Officer.

Mr. Boulden previously served as President of CapitalSource Inc. and Chief Lending Officer of CapitalSource Bank. Mr. Boulden served as President of the Corporate Asset Finance group and the Corporate Finance group of CapitalSource Bank. Earlier in his career, Mr. Boulden was co-founder of Tygris Commercial Finance where he served as President of Tygris Asset Finance. Prior to that, Mr. Boulden served as President and CEO of RBS Asset Finance, Inc., a division of RBS Citizens, N.A.  Prior to that, he served as Group President at Heller Financial Inc.

On April 27, 2018, the Company issued a press release announcing Mr. Pieczynski’s and Mr. Boulden’s new appointments. A copy of the press release is filed as Exhibit 99.1 of this Form 8-K.

Item 9.01Financial Statements and Exhibits.*

(d)  Exhibits.

Exhibit No.	Description
99.1	Press release issued by PacWest Bancorp dated April 27, 2018, announcing James J. Pieczynski appointment and Laird M. Boulden promotion.

*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.

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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.

		PacWest Bancorp
Date: April 27, 2018	By:	/s/ Kori L. Ogrosky
	Name:	Kori L. Ogrosky
	Title:	Executive Vice President, General Counsel & Corporate Secretary

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EX-99.1

Exhibit 99.1

PRESS RELEASE

PacWest Bancorp

9701 Wilshire Boulevard, Suite 700

Beverly Hills, CA 90212

Contacts:

Matthew P. Wagner

President and CEO

(310) 887-8520

Don Destino

Executive Vice President,

Corporate Development and Investor Relations

(310) 887-8521

FOR IMMEDIATE RELEASE April 27, 2018

PacWest Bancorp Appoints James Pieczynski Vice Chairman and
Laird Boulden is promoted to President, CapitalSource Division

LOS ANGELES, CA—April 27, 2018—PacWest Bancorp (Nasdaq: PACW) (the “Company”) is pleased to announce that effective June 1, 2018, James J. Pieczynski will be named Vice Chairman.  In this newly created role, Mr. Pieczynski will continue to work with CEO Matt Wagner to shape the strategic vision and evolution of the Company. While Mr. Pieczynski will be relinquishing his current role as President of the CapitalSource Division of Pacific Western Bank (the “Bank”), he will remain a director of the Bank and PacWest Bancorp.

“Jim has played a pivotal leadership role for PacWest since the completion of the merger with CapitalSource Inc. in 2014,” noted Matt Wagner, President and CEO of the Company.  “His leadership and market savvy have served our Company well as the national lending operations have been a major contributor to the Company’s success the past four years. I look forward to Jim’s continuing contribution as we position our business model for future profitable growth and expansion.”

To succeed Mr. Pieczynski, Laird M. Boulden has been appointed President, CapitalSource Division of the Bank effective June 1, 2018. Mr. Boulden currently serves as CapitalSource Division EVP and Chief Lending Officer.

“Laird joined us from CapitalSource Inc. and brings a continuity of leadership and deal originations experience that is critically important. His deep knowledge of our markets made him a natural choice to assume this role.  I look forward to seeing our national lending operations expand and diversify under Laird’s guidance,” concluded Mr. Wagner.

Mr. Boulden previously served as President of CapitalSource Inc. and Chief Lending Officer of CapitalSource Bank. Prior to these appointments, Mr. Boulden served as President of the Corporate Asset Finance group and the Corporate Finance group of CapitalSource Bank. Earlier in his career, Mr. Boulden was co-founder of Tygris Commercial Finance where he served as President of Tygris Asset Finance. Prior to Tygris, Mr. Boulden served as President and CEO of RBS Asset Finance, Inc., a division of RBS Citizens, N.A. Prior to that, he served as Group President at Heller Financial Inc.

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 (“Pacific Western”).  Pacific Western has 74 full-service branches located throughout the state of California and one branch in Durham, North Carolina.  Pacific Western provides commercial banking services, including real estate, construction, and commercial loans, and comprehensive deposit and treasury management services to small and medium-sized businesses. Pacific Western offers additional products and services under the brands of its business divisions, CapitalSource and Square 1 Bank.  The CapitalSource Division provides asset-based, equipment, real estate and security cash flow loans as well as treasury management services to middle market businesses on a national basis. The 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 all key innovative hubs across the United States. For more information about PacWest, visit www.pacwestbancorp.com, or to learn more about Pacific Western Bank, visit www.pacificwesternbank.com.