PacWest Bancorp declares quarterly dividends.

PacWest Bancorp has announced a quarterly cash dividend of $0.01 per common share and $0.4845 per depositary share on its 7.75% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A. The dividends will be payable on May 31, 2023, and June 1, 2023, respectively. The decision to reduce the dividend was made to accelerate plans to build capital to CET1 of 10%+ due to current economic uncertainty, recent volatility in the banking sector, and potential changes in regulatory capital requirements. PacWest Bancorp is a relationship-based community bank focused on providing business banking and treasury management services to small, middle-market, and venture-backed businesses.