UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 2.02 Results of Operations and Financial Condition.*
On July 16, 2020, PacWest Bancorp (the “Company”) announced its results of operations and financial condition for the three and six months ended June 30, 2020. The press release announcing the financial results for the three and six months ended June 30, 2020 is furnished as Exhibit 99.1 and incorporated herein by reference. A presentation regarding the Company’s financial results for the three and six months ended June 30, 2020 is furnished as Exhibit 99.2 and incorporated herein by reference.
Item 8.01 Other Information
PacWest Bancorp has changed the timing of its third quarter dividend announcement from the first day of the second month following quarter-end until the middle of the second month following quarter-end. A definitive date will be communicated once the dividend is declared. The timing is being changed to allow additional time for regulatory approval as the Company is required to notify the Board of Governors of the Federal Reserve System (“FRB”) prior to declaring and paying a cash dividend to our shareholders and may not pay a dividend if the FRB objects. This approval, which was obtained for the second quarter dividend payment, is due to the impact of the trailing 12-month earnings being negative as a result of the $1.47 billion goodwill impairment charge in the first quarter of 2020. Additionally, the Company continues to seek FDIC and California Department of Business Oversight approval for quarterly dividends from Pacific Western Bank to the Company given the negative retained earnings at the Bank since the goodwill impairment charges during the previous financial crisis. The shift in announcement timing was made to provide the Company’s Board of Directors and regulators the opportunity to review final quarterly financial results and financial projections. The Company expects to continue this cadence in future quarters.
Item 9.01 Financial Statements and Exhibits.*
(d) Exhibits.
| Exhibit | |
| Number | Description |
| 99.1 | Press release dated July 16, 2020 announcing PacWest’s results of operations and financial condition for the three and six months ended June 30, 2020. |
| 99.2 | Earnings Release Presentation |
| 104 | Cover page interactive data file (embedded within the Inline XBRL document) |
*The information furnished under Item 2.02 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.
SIGNATURE
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 | ||
| By: | /s/ Bart R. Olson | |
| Name: | Bart R. Olson | |
| Title: | Executive Vice President | |
| Chief Accounting Officer | ||
Date: July 16, 2020