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