Pacific West Bank in West Linn, Ore., has formed a holding company.
The $291.3 billion-asset bank said in a press release that it is now a unit of Pacific West Bancorp.
“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,” Jason Wessling, the bank’s president and chief financial officer, said in the release.
The board “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,” Ed Kawasaki, the bank’s chairman, said in the release.
Pacific West was formed in 2004.