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PacWest Bancorp in Los Angeles announced Tuesday that Chief Financial Officer Victor Santoro plans to retire from the post this summer and West Coast banking veteran Patrick Rusnak will succeed him in that role.
April 14 -
PacWest needed deposits to fuel its lending machine. Square 1 was drowning in liquidity. Similar deals could be in the works as low-cost deposits become more valuable in light of likely interest-rate increases.
March 2 -
Craig Dahl has played a key role transforming the Minnesota company from a local lender driven by fees to one with national lending platforms. He discusses those moves, and the future of banking, in a wide-ranging interview.
October 15
PacWest Bancorp in Los Angeles reported a higher third-quarter profit, citing new lending and lower expenses.
Net income at the $16.8 billion-asset company rose 11.8% to $69.6 million, or 68 cents per share.
Net interest income rose 1.9% to $192.5 million. Total loans and leases rose 7.6% to $12.5 billion. The net interest margin narrowed 36 basis points to 5.46%.
"As expected, the loan and lease production and growth rebounded strongly in the third quarter and will have a positive impact on revenues in the fourth quarter," Matt Wagner, chief executive, said in a news release.
Noninterest income fell 3.4% on lower service charges on deposit accounts and lower leased equipment income.
Noninterest expense fell 5% to $90.1 million on lower costs for occupancy, professional services and merger costs. The efficiency ratio improved to 39.6%.
