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LOS ANGELES, Dec. 26, 2017 -- Pacific Western Bank, the wholly-owned banking subsidiary of PacWest Bancorp (the “Company”) (Nasdaq:PACW), is increasing its hourly minimum wage to $15 effective January 1, 2018. The wage increase affects approximately 100 workers, 5% of the Company’s employee base, most of whom work and live in Southern California, an area known for a high cost of living. President and CEO Matthew Wagner said, “As we reviewed our compensation plans, we recognized the opportunity to provide a significant benefit to a portion of our employees and we are excited to implement it quickly.” Prior to this increase, Pacific Western Bank’s hourly minimum wage was $12.
ABOUT PACWEST BANCORP
PacWest Bancorp (“PacWest”) is a bank holding company with over $25 billion in assets with one wholly-owned banking subsidiary, Pacific Western Bank (the “Bank”). The Bank has 76 full-service branches located throughout the state of California and one branch in Durham, North Carolina. We provide commercial banking services, including real estate, construction, and commercial loans, and comprehensive deposit and treasury management services to small and medium-sized businesses. We offer additional products and services through our CapitalSource and Square 1 Bank divisions. Our CapitalSource Division provides cash flow, asset-based, equipment and real estate loans and leases and treasury management services to established middle market businesses on a national basis. Our Square 1 Bank Division offers a comprehensive suite of financial services focused on entrepreneurial businesses and their venture capital and private equity investors, with offices located in key innovative hubs across the United States. For more information about PacWest Bancorp, visit www.pacwestbancorp.com, or to learn more about Pacific Western Bank, visit www.pacificwesternbank.com.
Contact information:
Matthew Wagner, President and CEO, (310) 887-8520
