Pacific Western Bank

The story begins in October 1999, not with a single founder, but with the establishment of a bank holding company called First Community Bancorp. This entity laid the groundwork for what would become a significant player in California's banking scene. Through a series of acquisitions of smaller community banks, the company steadily grew its assets and footprint. A key moment came in 2006 when First Community Bancorp consolidated the banks it owned, Pacific Western National Bank and First National Bank, under the new, unified brand: Pacific Western Bank. Two years later, the parent company renamed itself PacWest Bancorp. A major growth phase occurred following the 2008 financial crisis, as PacWest acquired several failed banks, further expanding its reach. The company continued its acquisition strategy, purchasing CapitalSource in 2014 and Square 1 Financial in 2015, which helped it become the sixth-largest publicly traded bank in California at the time. This also marked a strategic expansion into venture banking, serving the tech community. The bank's journey took a dramatic turn during the 2023 regional banking crisis. Caught in the turmoil following the collapse of other regional banks, PacWest experienced significant deposit outflows and a plummeting stock price. Despite efforts to stabilize by selling off assets, the pressure mounted. The definitive event came in July 2023, when it was announced that the much smaller Banc of California would acquire PacWest Bancorp in an all-stock transaction. The merger, which received backing from private equity firms, was finalized in November 2023, with the combined entity operating under the Banc of California name, closing a major chapter for PacWest.