Pacific Western Bank is headquartered in BEVERLY HILLS and is the 3rd largest bank in the state of California. It is also the 57th largest bank in the nation. It was established in 1982 and as of June of 2023, it had grown to 1,864 employees at 77 locations. Pacific Western Bank's savings rates are 10X the national average, but it has a D health rating.
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TEMECULA Branch Is Awesome!
I have been banking here since 1992. (25 years!) so needless to say, I have had thousands of dealings with this bank. They are, without a doubt, one of the best banks with some of the best people that I know. They, like us, love our community, and they show it.
From selling a home to going through our parents demises and needing to open accounts in their names to distribute funds, they walked us through it all.
Being retired now and having automatic deposits and withdrawals and doing online banking wherever we are, works out great..
We know we can call the bank and they know us-we are not just a number. Thank You Temecula.
Rate Drop As Of 4/11/2023
As of 4/11/23, the CD rates have dropped
5m - 4.80%
7m - 5.05%
13m - 5.05%
Note that the bank does not seem to have web-based account opening - I was asked to make an appointment at a local branch. They also said that they could not do ACH transfers to fund the account.
Read Their Fee Disclosure
Read their Fee Disclosure. Monthly fees imposed for things that are free elsewhere.
The Hanford Branch Is The Worst Bank I've Ever Dealt With!
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.
You can’t:
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.
You will:
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!
Data as of Q2 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 24045 |
| Year Established | 1982 |
| Employees | 1864 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | -6.68% |
| Return on Equity - YTD | -87.9% |
| Annual Interest Income | $1.06B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2023vs Q2 2022 | $38.17B$40.91B |
| Loans | Q2 2023vs Q2 2022 | $22.52B$26.31B |
| Deposits | Q2 2023vs Q2 2022 | $28.10B$34.35B |
| Equity Capital | Q2 2023vs Q2 2022 | $2.59B$3.99B |
| Loan Loss Allowance | Q2 2023vs Q2 2022 | $219.2MM$188.7MM |
| Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $144.2MM$64.3MM |
| Real Estate Owned | Q2 2023vs Q2 2022 | $8.4MM$0 |
