Pacific West Bank (PWBO) Announces the Formation of a Holding Company, Pacific West Bancorp (PWBK)

PORTLAND, Ore., Jan. 5, 2023

"The Bank's Board of Directors felt strongly that this new corporate structure was necessary to provide the requisite financial and operational flexibility for the Bank's long-term strategic growth initiatives," said Ed Kawasaki, Chairman of the Board of Pacific West Bank.

Each issued and outstanding share of Pacific West Bank common stock held electronically by shareholders, was converted into one common share of Pacific West Bancorp, Inc. The shareholders of issued and outstanding certificated shares of Pacific West Bank will be notified by mail on how to exchange their shares.  

Pacific West Bank shares were traded on the OTCPK market under the stock symbol "PWBO." As of January 3^rd, 2023, the Pacific West Bancorp, Inc. shares are traded on the OTCPK market under the new stock symbol "PWBK."

Jason Wessling, President and Chief Financial Officer of the Bank stated, "The formation of the holding company will provide more efficient access to capital when the need arises and will put the Bank in the best position to respond to future market conditions, as well as take advantage of future opportunities."

About Pacific West Bancorp, Inc.: Information about the Pacific West Bancorp, Inc.'s stock is available through the over-the-counter marketplace at www.otcmarkets.com (symbol PWBK).