PacWest Bancorp (Nasdaq: PACW) is a bank holding company with approximately $4.9 billion in assets at March 31, 2008, and is the parent of Pacific Western Bank, a commercial bank headquartered in Southern California with 60 branches throughout Los Angeles, Orange, Riverside, San Bernardino and San Diego counties.
On March 14, 2008, PacWest Bancorp, formerly known as First Community Bancorp, announced that it completed its reincorporation in Delaware. As part of the reincorporation, First Community changed its name to PacWest Bancorp and its trading symbol to PACW.
PacWest Bancorp's predecessor, First Community Bancorp, was formed in 2000 with the acquisition of Rancho Santa Fe National Bank and First Community Bank of the Desert. From this base with approximately $340 million in assets, over the next four years the Company acquired 10 banks with average assets of approximately $240 million each. First Community went on to acquire a specialty finance company in 2004, five more banks in 2005 and 2006, and a second specialty finance company in 2007.
As the holding company for a commercial bank serving the needs of small and medium-sized businesses, PacWest Bancorp focuses on three operating mantras: generate low cost deposits, maintain high credit quality, and drive down unit costs.
Through acquisitions, PacWest Bancorp leverages its operating platform to improve efficiencies, stimulate organic growth and improve earnings per share.
PacWest Bancorp's success is also due to its focus on serving thriving business communities. At March 31, 2008, Pacific Western Bank was the largest independent bank headquartered in San Diego County and one of the ten largest independent banks headquartered in California.
