Pacific Western Bank is headquartered in Los Angeles and is the 9th largest bank in the state of California. It is also the 72nd largest bank in the nation. It was established in 1982 and as of December of 2015, it had grown to 1,666 employees at 85 locations. Pacific Western Bank has an A+ health rating.
Don’t get an automatically renewable IRA CD if you travel out of CA for business or pleasure and can’t personally visit the bank during the maturity/grace period. The bank will throw up every roadblock they can to stick it to you financially if you want to roll over the account to another organization offering a better return on the money.
Come in shortly before the account matures and instruct them not to automatically renew (they will tell you such a request is impossible to accommodate).
Do your banking at a branch near where you will be since PWB is only in CA.
Get cooperation between your new financial organization and PWB and do a rollover.
Have your new financial organization give rollover instructions during the maturity/grace period over the phone.
Have your new financial organization give instructions during the maturity/grace period via email.
Have your new financial organization give instructions during the maturity/grace period via fax.
Personally give PWB rollover instructions during the maturity/grace period. They will refuse to do a rollover since you don’t have the paperwork from the new organization that they couldn’t even explain to the new organization signed by you telling them to send the money to the new organization.
Get hit with a substantial early withdrawal penalty if you will be back in state a couple of days after the end of the grace period.
Be forced to take your money as a distribution (make sure the IRS knows it really isn’t a distribution! ).
Be hit with IRS penalty from your principal if you are not old enough to take the money penalty free.
In summary, don't even THINK of banking there!
|FDIC Certificate #||24045|
|Return on Assets - YTD||1.69%|
|Return on Equity - YTD||8.18%|
|Annual Interest Income||$882.4MM|
|Assets and Liabilities|
|Assets||Q4 2015vs Q4 2014||$21.18B$16.00B|
|Loans||Q4 2015vs Q4 2014||$14.36B$11.77B|
|Deposits||Q4 2015vs Q4 2014||$16.10B$12.09B|
|Equity Capital||Q4 2015vs Q4 2014||$4.28B$3.38B|
|Loan Loss Allowance||Q4 2015vs Q4 2014||$115.1MM$84.5MM|
|Unbacked Noncurrent Loans||Q4 2015vs Q4 2014||$126.3MM$89.2MM|
|Real Estate Owned||Q4 2015vs Q4 2014||$13.8MM$26.1MM|
Sorry, we do not have rate data for Pacific Western Bank.