PACWEST BANCORP ANNOUNCES TEMPORARY HALT TO STOCK REPURCHASE PROGRAM
PacWest Bancorp (PACW)
Last pacwest bancorp earnings: 4/21 07:00 am
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US:NASDAQ Investor Relations:
pacwestbancorp.com
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Source: GlobeNewswire
LOS ANGELES, March 23, 2020 (GLOBE NEWSWIRE) -- PacWest Bancorp (Nasdaq: PACW) (“PacWest”) announced today that it will temporarily suspend its stock repurchase program for the remainder of the first quarter and second quarter of 2020. PacWest has not repurchased any stock under its current stock repurchase program which became effective on March 1, 2020. The COVID-19 pandemic has become an unprecedented challenge for customers, employees and the global economy. In its announcement of a comprehensive program designed to support the flow of credit to businesses and households, the Federal Reserve encouraged banks to maintain strong capital levels and liquidity in order to ensure that actions that would otherwise limit access to credit are avoided. This action is being taken to support the efforts of the Federal Reserve to moderate the impact of COVID-19 on the national economy. PacWest has the ability to reinstate the stock repurchase program as circumstances warrant. PacWest maint
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