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PacWest Bancorp | 7.75% Dep Shares Rate Reset Non-Cumul Preferred Stock, Series A (PACWP)
Prospectus excerpt: We are offering 20,000,000 of our depositary shares, or the depositary shares, each representing a 1/40th ownership interest in a share of our 7.75% fixed rate reset non-cumulative perpetual preferred stock, Series A, par value $0.01 per share, or the Series A Preferred Stock, with a liquidation preference of $1,000 per share of Series A Preferred Stock (equivalent to $25.00 per depositary share). As a holder of the depositary shares, you will be entitled to all proportional rights and preferences of the Series A Preferred Stock (including dividend, voting, redemption and liquidation rights). You must exercise any such rights through the depositary. Full Prospectus PDF », Secondary Prospectus PDF », PACW Page »
Series: | A | Redeemable?: | Yes | Call Date: | 9/1/2027 | Perpetual?: | Yes | Cumulative?: | No | Shares Offered: | 20,000,000 | Overallotment: | 3,000,000 | Liquidation Preference: | $25.00 | Recent Market Price: | $20.94 | Discount to Liquidation Preference: (More Preferreds Trading at a Discount ») | $-4.06 (-16.24%) | Annualized Dividend: | 1.938 | Recent Ex-Date: | 11/10/2023 | Current Yield: | 9.26% | Original Coupon: | 7.75% | Pay Period: | Quarterly | Pay Dates: | 1-Mar, 1-Jun, 1-Sep, 1-Dec | CDx3 Compliance Rating: |
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PacWest Bancorp is a bank holding company. Through its subsidiary, Pacific Western Bank (the Bank), Co. is focused on relationship-based business banking to small, middle-market, and venture-backed businesses nationwide. The Bank provides community banking products including lending and deposit and treasury management services. The Bank provides national lending products including asset-based, equipment, and real estate loans and treasury management services. The Bank also provides venture banking products including a suite of financial services focused on entrepreneurial and venture-backed businesses and their venture capital and private equity investors. Preferred: PACWP Open the PACW Information Page »
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