Pacific West Bancorp (OTC:PWBK) Stock In Focus After Latest News

A number of companies are expected to be on the radars of investors, and one of those could be the parent company of Pacific West Bank, Pacific West Bancorp (OTC:PWBK). Pacific West Bank is one of the leaders among financial institutions due to its continued thrust towards innovation and excellence.

On May 3, Pacific West Bancorp was in the news cycle after it made an announcement with regards to some of the promotions in its leadership. Terry Peterson, who served as the Chief Executive Officer of both the holding company and the bank for half a decade, announced that he was going to retire from his executive duties. The retirement would go into effect on June 1, 2024.

However, despite his retirement, Peterson would continue with his duties on the board of directors and guide the strategic moves of the company through his experience and expertise. Due to the retirement of Peterson, Pacific West Bancorp announced that it promoted Jason Wessling, CPA, to the role of President and Chief Executive Officer of both Pacific West Bancorp and Pacific West Bank. In the news release, the company noted that Wessling had been an important member of the leadership team at the bank for the past five years, and most recently, he had served as the Chief Financial Officer and President.

It was also noted that Wessling had a strong track record of successful leadership and also possessed a considerable understanding of the banking industry. Pacific West Bancorp also announced that it had promoted Lisa Fajardo-Faust to the position of Executive Vice President and Chief Banking Officer from Deposit Officer. Pacific West Bancorp stated that Fajardo-Faust had decades’ worth of experience in the Portland banking network as well as in non-profit leadership. It remains to be seen if the Pacific West Bank sees any action today.