Open letter to our Valued Clients

In light of the recent industry developments related to Silicon Valley Bank (SVB), we want to reach out to reassure you that Pacific Western Bank (PWB) remains a diversified Bank, well-positioned to continue serving you and your business needs moving forward.

As always, we have been, and continue to be, focused on relationship-based banking with our clients across a broad array of industries. As a result, we have a diversified deposit base that includes community banking, homeowners associations, commercial, retail, as well as venture deposits.  At PWB, we are first and foremost a commercial bank that happens to have a venture banking business—we are not a venture bank, which means we have a distinctly different profile. As previously disclosed, at the end of 2022, only one-third of our total deposits were venture-banking related.   

Over the past several quarters, we have taken actions to strengthen our balance sheet. This includes exiting non-core products, executing bond sales, and completing a preferred stock offering and a credit-linked notes transaction. Our risk-based capital ratios, including CET1, have been increasing for the past three quarters and our tier 1 risk-based capital ratio of 10.61% is well in excess of regulatory requirements. 

In short, PWB will continue to support our customers as a proven partner through all economic cycles as we’ve done for over 20 years. We are actively adapting to the current economic environment, as we know you are as well. We are continuing to execute on our goals and supporting the goals of those we serve. 

If you have any questions, please feel free to reach out to your Relationship Manager or Banker. They are here to assist you during this time.

Thank you for your continued partnership and trust in PWB.

Best,

Paul W. Taylor                                                              Matthew P. Wagner
President & CEO                                                         Executive Chairman