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Pacific West Bank (PWBO) Announces the Formation of a Holding Company, Pacific West Bancorp (PWBK)
Pacific West Bank (“Bank”) (OTCPK: PWBO) today announced the formation of a holding company, Pacific West Bancorp, Inc. (OTCPK: PWBK), effective January 1st, 2023. Pacific West Bank is now a wholly owned subsidiary of Pacific West Bancorp, a newly formed Oregon Corporation. The Bank holding company formation was previously approved by shareholders at the 2022 Meeting of Shareholders held on April 28th, 2022, and subsequently approved by the Federal Reserve Bank of San Francisco.
“The Bank’s Board of Directors felt strongly that this new corporate structure was necessary to provide the requisite financial and operational flexibility for the Bank’s long-term strategic growth initiatives,” said Ed Kawasaki, Chairman of the Board of Pacific West Bank.
Each issued and outstanding share of Pacific West Bank common stock held electronically by shareholders, was converted into one common share of Pacific West Bancorp, Inc. The shareholders of issued and outstanding certificated shares of Pacific West Bank will be notified by mail on how to exchange their shares.
Pacific West Bank shares were traded on the OTCPK market under the stock symbol “PWBO.” As of January 3rd, 2023, the Pacific West Bancorp, Inc. shares are traded on the OTCPK market under the new stock symbol “PWBK.”
Jason Wessling, President and Chief Financial Officer of the Bank stated, “The formation of the holding company will provide more efficient access to capital when the need arises and will put the Bank in the best position to respond to future market conditions, as well as take advantage of future opportunities.”
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