Subsequent Events

12 Months Ended

Dec. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

NOTE 24. SUBSEQUENT EVENTS

Acquisition of Civic Ventures, LLC

On February 1, 2021, Pacific Western Bank acquired Civic Ventures, LLC and subsidiaries (“Civic”) in an all-cash transaction. The acquisition is not considered significant under SEC regulations. Civic Financial Services is the primary operating entity of Civic. Civic is one of the leading institutional private lenders in the United States specializing in residential non-owner-occupied investment properties. Civic will operate as a wholly-owned subsidiary of the Bank. The acquisition of Civic advances the Bank’s strategy to expand its lending portfolio and diversify its revenue streams.

Common Stock Dividends

On February 17, 2021, the Company announced that the Board of Directors had declared a quarterly cash dividend of $0.25 per common share. The cash dividend is payable on March 10, 2021 to stockholders of record at the close of business on March 1, 2021.

We have evaluated events that have occurred subsequent to December 31, 2020 and have concluded there are no subsequent events that would require recognition in the accompanying consolidated financial statements.