PacWest Bancorp Announces Completion of Reincorporation and Declaration of Cash Dividend

PacWest also announced that its Board of Directors has declared a cash dividend of $0.32 per common share payable on June 3, 2008, to shareholders of record at the close of business on May 27, 2008.

Matt Wagner, Chief Executive Officer of PacWest Bancorp, commented, "PacWest Bancorp, like its predecessor First Community Bancorp, remains focused on strong credit quality, cost control, and gathering low cost deposits, all of which result in positive cash earnings, a high net interest margin and healthy capital ratios. We are pleased that our accumulated reserves and capital position allow us to reward our stockholders with a dividend despite the challenges of the current environment."

Other than the change in name to PacWest Bancorp from First Community Bancorp, change in ticker symbol to PACW from FCBP, and change in corporate domicile, the reincorporation did not result in any change in the business, branch and office locations, management, assets, liabilities or net worth of the Company, nor did it result in any change in location of Company employees, including the Company's management.

Additionally, shareholders are not required to exchange certificates of First Community Bancorp for new certificates of PacWest Bancorp. The reincorporation did not alter any shareholder's percentage ownership interest, or number of shares owned, in the Company.

ABOUT PACWEST BANCORP

PacWest Bancorp, formerly First Community Bancorp, is a bank holding company with $4.9 billion in assets as of March 31, 2008, with one wholly-owned banking subsidiary, Pacific Western Bank. Through 60 full-service community banking branches, Pacific Western provides commercial banking services, including real estate, construction and commercial loans, to small and medium-sized businesses. Pacific Western's branches are located inLos Angeles,Orange,Riverside,San Diego andSan Bernardino Counties. Through its subsidiary BFI Business Finance and its divisions First Community Financial and Pacific Western SBA Lending, Pacific Western also provides working capital financing to growing companies located throughout the Southwest, primarily in the states ofArizona,California andTexas. Additional information regarding PacWest Bancorp is available on the Internet at http://www.pacwestbancorp.com. Information regarding Pacific Western Bank is also available on the Internet at http://www.pacificwesternbank.com.

SOURCE PacWest Bancorp

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Copyright © 2008, NewsBlaze, Daily News

Tags: Banking and Finance, california, delaware

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