Pacific West Bank in West Linn, Oregon, issued a press release on Thursday making it clear that it IS NOT related to Pacific Western Bank, or its parent company PacWest Bancorp, in Beverly Hills, California. “We understand that there may be confusion among some customers and shareholders due to the similarity in our names, but we want to emphasize that we are a completely separate entity, and our financial position remains strong,” said Jason Wessling, president of Pacific West Bank, in the release. PacWest lost almost $6 billion in deposits in the first quarter of 2023 and has been exploring a potential sale. Its shares closed down 50% on Thursday. PWB’s homepage also states in bold letters that it has no association with PacWest and invites users to call with any questions.—Miriam Cross
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