PACWEST BANCORP (NASDAQ:PACW) Files An 8-K Other Events

ME Staff 8-k
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PACWEST BANCORP (NASDAQ:PACW) Files An 8-K Other Events
Item 8.01. Other Events.

Stock Repurchase Program

On November15, 2017, PacWest Bancorp’s Board of Directors amended its existing stock repurchase program to reduce the authorized repurchase amount and extend the program maturity to December31, 2018. The amended authorized repurchase amount of $150 million reflects the effect of shares repurchased between October2016 and November2017 and the cash consideration for PacWest Bancorp’s acquisition of CU Bancorp that was completed on October20, 2017.

PacWest Bancorp (the “Company”) commenced its share repurchase program in October2016 with an authorized repurchase amount not to exceed $400 million and an expiration date of December31, 2017. Since the program inception through November14, 2017, the Company repurchased 1,974,759 shares at an aggregate cost of $90.2 million.

The common stock repurchases may be effected through open market purchases or in privately negotiated transactions, and may utilize any derivative or similar instrument to effect share repurchase transactions (including without limitation, accelerated share repurchase contracts, equity forward transactions, equity option transactions, equity swap transactions, cap transactions, collar transactions, floor transactions or other similar transactions or any combination of the foregoing transactions). The amount and exact timing of any repurchases will depend upon market conditions and other factors. There are no assurances the Company will repurchase any shares during the period and the stock repurchase program may be suspended or discontinued at any time.


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.