Pacific Western Bank, the subsidiary of PacWest Bancorp (NASDAQ:PACW) hiked its hourly minimum wage to $15 from January 1, 2018. This increase in wages affects around 100 workers, 5% of the firm’s employee base. Matthew Wagner, the President and CEO, expressed that as they reviewed their compensation plans, they recognized the opportunity to offer a notable benefit to a portion of their employees and they are thrilled to implement it quickly. Prior to this hike, Pacific Western had fixed the hourly minimum wage at $12.
The buzz
PacWest Bancorp is a bank holding firm with assets of more than $25 billion with one 100% owned banking subsidiary named as Pacific Western Bank. The Bank boasts 76 full-service branches based throughout California as well as one bank branch in Durham, North Carolina. PacWest offer commercial banking services, such as construction, commercial loans and real estate, and comprehensive treasury management and deposit services to medium- and small-sized businesses.
It provides additional services and products through Square 1 Bank and CapitalSource segments. The company’s CapitalSource segment offers cash flow, asset-based, real estate and equipment loans and leases as well as treasury management services to recognized middle market companies on a national basis. Its Square 1 Bank segment provides a comprehensive suite of financial services concentrated on entrepreneurial businesses and their private equity and venture capital investors, with offices based in major innovative hubs across the U.S.
In the last trading session, the stock price of Pacific Western Bank gained 0.54% to close the day at $50.52. The gains came at a share volume of 908,446 compared to average share volume of 912,653. Post the recent gains, the market cap of firm was noted at $6.5 billion. So far in this year, the stock has gained 0.24%, recording a green start to the year.
