Company type | Subsidiary |
---|---|
Industry | Banking Financial services |
Founded | October 22, 1999 |
Headquarters | |
Area served | California, Arizona, Utah, and Texas |
Key people | Paul Taylor, CEO Mark Yung, COO Kenan Sijamija, CCO Matthew P. Wagner, Executive Chairman |
Products | Retail banking, Commercial banking, Mortgage loans, Venture debt |
Revenue | US$1.158 Billion (2021) |
US$0.193 billion (2021) | |
US$0.606 billion (2021) | |
Total assets | US$41.2 billion (2022) |
Total equity | US$4.0 billion (2022) |
Number of employees | 2,438 (2022) |
Website | www |
Footnotes /references [1] |
PacWest Bancorp is an American bank holding company based in Beverly Hills, California, with one wholly owned banking subsidiary, Pacific Western Bank. It is a subsidiary of Banc of California. [2]
It has 69 branches in California, primarily in the southern and central parts of the state, one in Denver, Colorado, one in Durham, North Carolina, and several loan production offices across the country.
The company is on the Forbes Global 2000 list, ranked 1972 in 2023. [3]
The bank was founded in October 1999 [1] [4] as First Community Bancorp. In March 2002, it acquired Capital Bank of North County. [5] In April 2002, it acquired Upland Bank, with $108 million in assets. [6] In 2005, it acquired Glendora, California-based Foothill Independent Bancorp for $238 million. [7]
In 2006, First Community Bancorp combined the two banks it then owned, Pacific Western National Bank and First National Bank, renaming them the Pacific Western Bank. [8] In 2008, First Community Bancorp reincorporated in Delaware and changed its name to PacWest Bancorp. [9]
In the aftermath of the 2007–2008 financial crisis, the bank acquired the assets and deposits of several banks that failed: it acquired Security Pacific Bank of Los Angeles in November 2008, [10] Affinity Bank of Ventura, California in August 2009, [11] and Los Padres Bank of Solvang in August 2010. [12]
In April 2014, PacWest acquired CapitalSource for around $2.29 billion. [13] In October 2015, it acquired Square 1 Financial Inc., the parent company of Durham, North Carolina-based Square 1 Bank with $3.1 billion in assets, for $815 million and became the sixth largest publicly traded bank in California. [14] [15] [16]
In January 2019, PacWest retired the CapitalSource and Square 1 Bank brand names. [17] In February 2021, eight months before acquiring MUFG Union Bank's homeowner association services division, [18] it purchased Civic Financial Services, which mainly provides loans to home flippers. [19] [1]
In February 2023, the company announced 200 layoffs and halted new activity at its Civic Financial division after reporting a significant increase in delinquent loans in that division. [19]
Between March and May 2023, the company's stock price plummeted as it reported losses of deposits as its customers feared a bank run. [20] [21] [22] During the first quarter of 2023, deposits of the bank fell from $33.9 billion to $28.1 billion. [23]
In May 2023, the bank sold its Civic Financial subsidiary. [19] In the same month, it sold $2.6 billion worth of real estate construction loans at a $200 million discount to Kennedy Wilson. [24]
In June 2023, the bank sold $1.2 billion in construction loan commitments in New York City with an aggregate balance of approximately $500 million to Cain International, based in London. [25] Also in June 2023, the company sold a $3.54 billion lender finance portfolio to Ares Management. [26]
In November 2023, the company was acquired by Banc of California. Affiliates of Warburg Pincus and Centerbridge Partners invested $400 million in the combined company. [27] [2] The merged bank has more than 2,200 employees serving small and medium-sized businesses. The services provided include: lending, healthcare and education banking, venture banking, warehouse lending, HOA services, payment processing solutions (through Deepstack Technologies). [28]
Washington Mutual, Inc. was an American savings bank holding company based in Seattle. It was the parent company of WaMu Bank, which was the largest savings and loan association in the United States until its collapse in 2008.
Bank One Corporation was an American bank founded in 1968 and at its peak the sixth-largest bank in the United States. It traded on the New York Stock Exchange under the stock symbol ONE. The company merged with JPMorgan Chase & Co. on July 1, 2004, with its CEO Jamie Dimon taking the lead at the combined company. The company had its headquarters in the Bank One Plaza in the Chicago Loop in Chicago, Illinois, now the headquarters of Chase's retail banking division.
East West Bank is the primary subsidiary of East West Bancorp, Inc. It is the largest publicly traded bank headquartered in Southern California, ranking 42nd on the list of largest banks in the United States.
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United Commercial Bank was an overseas Chinese bank in the United States, based in San Francisco, California. It was a subsidiary of UCBH Holdings. Founded in 1974 as United Federal Savings and Loan Association, it changed its name to United Savings Bank, and finally United Commercial Bank in 1998. It had operations and branches located in the San Francisco Bay Area, Sacramento, Stockton, Los Angeles and Orange counties, New York, Boston, Greater Seattle Area, Hong Kong, Atlanta, Houston, Shanghai and two representative branches in Taipei, Taiwan and Shenzhen, China. United Commercial Bank was closed by regulators on November 6, 2009; it was the 120th U.S. bank to fail in 2009, and it had $11.2 billion in assets at the time of the bank failure. East West Bank of Pasadena, California, acquired all the deposits of UCBH.
OneWest Bank, a division of First Citizens BancShares, was a regional bank with over 60 retail branches in Southern California. OneWest Bank specialized in consumer deposit and lending including personal checking and savings accounts, money market accounts, CDs, and home loan products. OneWest offered small business checking, savings, CD, and money market accounts as well as small business loans and treasury management products.
Flagstar Bank is an American commercial bank headquartered in Troy, Michigan. A wholly owned subsidiary of New York Community Bank, Flagstar is one of the largest residential mortgage servicers in the United States, and was among the largest banks in the United States prior to its acquisition in 2022.
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New York Community Bancorp, Inc. (NYCB), headquartered in Hicksville, New York, is a bank holding company for Flagstar Bank. In 2023, the bank operated 395 branches in New York, Michigan, New Jersey, Ohio, Florida, Arizona and Wisconsin. Branches used to be operated under the names Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, Roosevelt Savings Bank, and Atlantic Bank in New York; Garden State Community Bank in New Jersey; Ohio Savings Bank in Ohio; and AmTrust Bank in Arizona and Florida. However, they rebranded all of these under the Flagstar name on February 21, 2024. NYCB is on the list of largest banks in the United States and is one of the largest lenders in the New York City metro area.
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First Republic Bank was a commercial bank and provider of wealth management services headquartered in San Francisco, California. It catered to high-net-worth individuals and operated 93 offices in 11 states, primarily in New York, California, Massachusetts, and Florida. On May 1, 2023, as part of the 2023 United States banking crisis, the FDIC announced that First Republic had been closed and sold to JPMorgan Chase.
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