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PacWest Bancorp (NASDAQ:PACW) Files An 8-K Other Events

PacWest Bancorp (NASDAQ:PACW) Files An 8-K Other Events
Item 8.01. Other Events.

Stock Repurchase Program

On February24, 2019, the Board of Directors of PacWest Bancorp (the “Company”) authorized a new stock repurchase program, effective March1, 2019, to repurchase Company common shares with an aggregate purchase price not to exceed $225 million and with a program maturity date of February29, 2020. The maturity date of the Company’s existing stock repurchase program is February28, 2019.

Since the existing program inception in October2016 through December31, 2018, the Company repurchased 8,583,296 shares at an aggregate cost of approximately $434.0 million. In 2019, through February22, 2019, the Company repurchased an additional 1,199,718 shares at an aggregate cost of approximately $47.5 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 term of the new stock repurchase program, and the new 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.

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