Business
OREGON BASED PACIFIC WEST BANCORP ASSURES FINANCIAL STABILITY DESPITE SIMILARLY NAMED BANK IN CALIFORNIA EXPERIENCING FINANCIAL TROUBLE
OREGON BASED PACIFIC WEST BANCORP ASSURES FINANCIAL STABILITY DESPITE SIMILARLY NAMED BANK IN CALIFORNIA EXPERIENCING FINANCIAL TROUBLE.
About this update from Pacific West Bancorp
[{"type":"text","content":"\n\n\n\nOREGON BASED PACIFIC WEST BANCORP ASSURES FINANCIAL STABILITY DESPITE SIMILARLY NAMED BANK IN CALIFORNIA EXPERIENCING FINANCIAL TROUBLE\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE; BORDER-TOP:1pt black; BORDER-RIGHT:1pt black; BORDER-BOTTOM:1pt black; BORDER-LEFT:1pt black\n}\n.prnml6{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.50em !IMPORTANT\n}\n\n\n\n\n\n\nOREGON BASED PACIFIC WEST BANCORP ASSURES FINANCIAL STABILITY DESPITE SIMILARLY NAMED BANK IN CALIFORNIA EXPERIENCING FINANCIAL TROUBLE\nPR Newswire\nPORTLAND, Ore., May 4, 2023\n\n\n\nPORTLAND, 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.\n\n \n \n \n \n \n \n\n \n\"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.\"\nRecent 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.\n\"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 transparen...