Matthew P. Wagner
To begin, I wish good health and safety to each of you and your families. Disruptive circumstances should cause all of us to shift our perspectives but not relinquish our priorities. That is why I want to connect with you directly to reiterate Pacific Western Bank’s priorities and share the steps we are taking to protect our employees and customers while continuing to serve our communities. Our ability to adhere to these principles stems from the strength and security of Pacific Western Bank.
Here at the Bank, the health and safety of our employees and customers is paramount.
Our dedicated employees are continuing to perform their duties to provide essential services to you, while thoughtfully allocating our resources in a safe manner. We have temporarily closed certain non-branch office locations and have asked all employees with the ability to work remotely to do so. We have also placed restrictions on employee travel, cancelled hosted events and limited employee attendance at business functions to combat potential exposure and to mitigate the spread of the coronavirus.
We have temporarily closed certain branch offices where we have an open branch nearby, and have redirected customers to that branch location. We have also temporarily closed lobby access at certain branches that offer drive-up window services. A combination of ATMs, night drops, or drive-up windows are available in place of lobby access at these locations. Customers are still able to make an in-person appointment with one of our bankers at a nearby branch office to access a safe deposit box; open a new account; and/or drop off a deposit or important documents. Should you have a need for any of these in-person services, please call your branch office to schedule a meeting. Our teams remain working and we continue to offer the same lending and banking products and services.
Our online banking platform also remains fully-operational and is available 24 hours a day. We encourage you to use our online banking services whenever possible to safely and securely perform your banking transactions during this challenging time.
In terms of financial strength, Pacific Western Bank is well positioned for the economic impacts from this pandemic. We maintain regulatory capital levels above what is needed to be designated as a “well-capitalized” institution. As part of our regular operations, we run stress tests for both capital and liquidity that are reviewed by our federal and state regulators during their routine examinations. We also maintain access to significant sources of liquidity, including borrowing facilities with the Federal Home Loan Bank and Federal Reserve Bank.
Please rest assured that we value your business and are here to support your banking needs. If you have any questions, please feel free to reach out to our bankers and lending professionals. During times like these, clear and open lines of communication are critical to success. Unknowns seem abundant, but we can rely on the principles we know. Relationships matter. Our Bank has operated with that central tenet for years and through past hardships, including natural disasters and economic crises. Our relationships with our clients and employees form the bedrock of our shared successes in good times and will no doubt provide our pathway through today’s dislocations to a brighter future.
As always, we thank you for your business.
Matthew P. Wagner
President & CEO
PacWest Bancorp & Pacific Western Bank