OREGON BASED PACIFIC WEST BANCORP ASSURES FINANCIAL STABILITY DESPITE SIMILARLY NAMED BANK IN CALIFORNIA EXPERIENCING FINANCIAL TROUBLE
PORTLAND, Ore., May 4, 2023 /PRNewswire/ -- Pacific West Bank (PWB) (Ticker symbol: PWBK), a leading financial institution in the Pacific Northwest, with headquarters in West Linn, Oregon, wants to assure its customers and shareholders that it is financially stable and has no relation to the similarly named Pacific Western Bank or PacWest Bancorp (PACW) based in Beverly Hills, California that is currently experiencing financial trouble and possible sale.
"We understand that there may be confusion among some customers and shareholders due to the similarity in our names, but we want to emphasize that we are a completely separate entity, and our financial position remains strong," said Jason Wessling, President of PWB. "At PWB we are an independent, locally operated Bank founded in 2004, and are considered 'well-capitalized' as defined by the FDIC, which is evidenced by our first quarter 2023 earnings release demonstrating our financial strength."
Recent local and national news reports have highlighted the financial difficulties of a bank with a similar name in California, leading to concerns that PWB may also be facing similar challenges. However, PWB wants to make it clear that it is a separate entity with no affiliation to the California-based bank.
"We want our customers and shareholders to have complete confidence in our ability to continue providing excellent financial services and support," said Wessling. "We are committed to transparency and always keep our stakeholders informed of our financial position."
PWB is confident that their liquidity position, capital position, and client relationships, position them to weather any challenges that may arise. They remain committed to providing their customers with the highest level of service and support.
About Pacific West Bank: Pacific West Bank is a wholly owned subsidiary of Pacific West Bancorp (PWBK). Information about the Holding Company's stock is available through the over-the-counter marketplace at www.otcmarkets.com (symbol PWBK). Pacific West Bank was formed in 2004 by Portland businesspeople to deliver loan and deposit product solutions through experienced and professional bankers to businesses, nonprofits, professionals, and individuals. The Bank serves the greater Portland Metro area with offices strategically located in Downtown Portland, Lake Oswego, West Linn and soon to Vancouver.
Media Contact: Terry Peterson
Chief Executive Officer
503-905-2217
[email protected]
Certain statements in this release may be deemed to be "forward-looking statements." Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. |
SOURCE Pacific West Bancorp
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