PacWest Bancorp (NASDAQ:PACW) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersITEM 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
PacWest Bancorp (the “Company”) is announcing that Bart R. Olson has agreed to join the Company as Executive Vice President and Chief Accounting Officer. Mr. Olson’s employment will commence at date to be agreed upon during the first quarter of 2017 and he will assume the role of Principal Accounting Officer after the Company’s 2016 Form 10-K is filed.
Mr. Olson, 48, served as a Managing Director in the CFO division of Credit Suisse Group where he was responsible for Global Liquidity Measurement and Reporting since 2014. He joined Credit Suisse Group in 2013 as Deputy Controller – Americas with controllership responsibility for multiple countries in the Americas region. Previously, Mr. Olson spent 23 years in public accounting most recently as an Audit Partner of KPMG LLP from 2004 to 2013 and as a Senior Manager for six years, with a practice focused on domestic and global financial institution audit clients. Mr. Olson received a Bachelor of Science degree in Business Administration/Accounting from California State University San Bernardino.
to Mr. Olson’s offer of employment from the Company, he will receive the following compensation: (1) an annual base salary of $350,000; (2) participation in the Company’s cash incentive program, which provides cash awards to the Company’s executive officers and other key employees based on the achievement of goals established annually by the Company’s Compensation, Nominating and Governance Committee, with a targeted cash award of 50% of his base salary for Mr. Olson’s performance with such bonus being prorated for actual service during 2017; (3) a one-time grant of Company restricted stock units with a value of approximately $600,000, which award will vest in equal parts over four years; (4) a cash signing bonus of $200,000; (5) participation in the Company’s long-term incentive compensation programs, including equity plans, upon terms and in amounts established by the Company’s Compensation, Nominating and Governance Committee and approved by the Board, commensurate with other named executive officers of the Company; (6) assistance in connection with his relocation to the Los Angeles area; (7) vacation, holiday, personal leave, and participation in the Company’s health and welfare, 401(k) and other employee benefits plans in accordance with their terms; and (8) participation in the Executive Severance Pay Plan. Further information about the Company’s executive compensation, incentive plans, benefits, and severance plans are included in the Company’s most recent proxy statement filed with the Securities and Exchange Commission on March 25, 2016.
About PacWest Bancorp (NASDAQ:PACW)
PacWest Bancorp is a bank holding company for Pacific Western Bank (the Bank). The Company is focused on relationship-based business banking to small, middle-market and venture-backed businesses. The Bank offers a range of loan and deposit products and services through approximately 80 branches located throughout the state of California. The Company provides commercial banking services, and deposit and treasury management services to small and middle-market businesses. It offers products and services under the brand names of Pacific Western, as well as its business groups, CapitalSource Inc. and Square 1 Bank. CapitalSource focuses on providing cash flow, asset-based, equipment and real estate loans and treasury management services to middle market businesses. Square 1 Bank focuses on providing a range of financial products to service entrepreneurial businesses and their venture capital and private equity investors. PacWest Bancorp (NASDAQ:PACW) Recent Trading Information
PacWest Bancorp (NASDAQ:PACW) closed its last trading session down -0.60 at 53.20 with 773,949 shares trading hands.