LOS ANGELES, Feb. 01, 2023 (GLOBE NEWSWIRE) -- PacWest Bancorp (NASDAQ:PACW) announced today that its Board of Directors has declared a quarterly cash dividend of $0.25 per common share. The cash dividend is payable on February 28, 2023 to stockholders of record at the close of business on February 15, 2023.

The Board of Directors also declared a quarterly cash dividend of $0.4845 per depositary share on its 7.75% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A. The dividend will be payable March 1, 2023 to stockholders of record as of February 15, 2023. The Series A depositary shares are traded on the Nasdaq Stock Exchange under the "PACWP" symbol.

ABOUT PACWEST BANCORP

PacWest Bancorp ("PacWest") is a bank holding company with over $41 billion in assets headquartered in Los Angeles, California, with an executive office in Denver, Colorado, with one wholly-owned banking subsidiary, Pacific Western Bank (the "Bank"). Pacific Western Bank is a relationship-based community bank focused on providing business banking and treasury management services to small, middle-market, and venture-backed businesses. The Bank offers a broad range of loan and lease and deposit products and services through full-service branches throughout California and in Durham,North Carolina and Denver, Colorado, and loan production offices around the country. For more information about PacWest Bancorp or Pacific Western Bank, visit www.pacwest.com.

CONTACTS

Kevin L. Thompson

Executive Vice President,

Chief Financial Officer

303.802.8934

William J. Black

Executive Vice President,

Strategy and Corporate Development

919.597.7466