Exhibit 99.1

PRESS RELEASE

PacWest Bancorp

(NASDAQ: PACW)

PACWEST BANCORP ANNOUNCES RESULTS

FOR THE SECOND QUARTER OF 2011

—Net Earnings of $12.8 Million—

—Net Interest Margin Increases to 5.57%—

—Credit Loss Reserve at 3.52% of Net Non-Covered Loans and 157% of Non-Covered Nonaccrual Loans—

—Noninterest-Bearing Deposits at 36% of Total Deposits and Core at 76%—

—Tangible Common Equity Increases 7.2% or $30.5 million—

Los Angeles, California . . . PacWest Bancorp (Nasdaq: PACW) today announced net earnings for the second quarter of 2011 of $12.8 million, or $0.35 per diluted share, compared to net earnings for the first quarter of 2011 of $10.7 million, or $0.29 per diluted share.

This press release contains certain non-GAAP financial disclosures for tangible capital and pre-credit, pre-tax earnings.  The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance.  Given the use of tangible common equity amounts and ratios is prevalent among banking regulators, investors and analysts, we disclose our tangible common equity ratios in addition to equity-to-assets ratios.  Also, as analysts and investors view pre-credit, pre-tax earnings as an indicator of the Company’s ability to absorb credit losses, we disclose this amount in addition to net earnings.  Please refer to the table at the end of this release for a presentation of performance ratios in accordance with GAAP and a reconciliation of the non-GAAP financial measures to the GAAP financial measures.

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SECOND QUARTER RESULTS

(1) FDIC loss sharing income and net covered OREO costs reduced the second quarter 2011 and first quarter 2011 efficiency ratios by 254 bps and 264 bps, respectively.

(2) Non-covered loans exclude loans covered by loss sharing agreements with the FDIC.

The $2.2 million increase in net earnings for the linked quarters was due primarily to higher net interest income of $3.0 million ($1.7 million after-tax), a lower provision for credit losses on non-covered loans of $2.3 million ($1.3 million after-tax) and higher FDIC loss sharing income of $6.5 million ($3.8 million after-tax).  These factors were offset partially by a higher provision for credit losses on covered loans of $3.0 million ($1.7 million after-tax) and higher OREO costs of $5.4 million ($3.1 million after-tax).

Net interest income increased due primarily to higher accelerated accretion of purchase discounts on covered loan payoffs, higher interest income on investment securities due to portfolio purchases, and lower interest expense on deposits.  FDIC loss sharing income grew principally due to an increase in covered loan and OREO credit costs.  OREO costs increased due primarily to lower gains on sale and higher write-downs in the current quarter.

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Net credit costs on a pre-tax basis are shown in the following table:

The credit loss provision for the second quarter had two components: $5.5 million for non-covered loans and $5.9 million for covered loans.  The second quarter non-covered credit loss provision was driven by (a) non-covered loan net charge-offs of $7.2 million and (b) the levels and trends of nonaccrual and classified loans.  The covered loan credit loss provision was driven by decreases in expected cash flows on covered loans compared to those previously estimated.  The covered loan credit loss provision and covered net OREO income or expense are offset partially by an increase in the FDIC loss sharing asset, which represents the FDIC’s share of these net costs.

Matt Wagner, Chief Executive Officer, commented, “We are pleased to post another profitable quarter with net earnings reaching $12.8 million.  Our core earnings generation resulted in pre-credit, pre-tax earnings of $31.6 million in the second quarter, up from $28.4 million in the first quarter.  The ability to generate these earnings, along with our strong capital base and liquidity position, gives strength to our balance sheet, provides flexibility in the current business environment, and positions us to take advantage of opportunities as they arise.”

Mr. Wagner continued, “Credit quality metrics improved in the second quarter.  Our legacy loan loss provision and nonaccrual loans decreased and our credit loss reserve coverage ratios increased.  Nevertheless, we continue to monitor the loan portfolio carefully to identify and address issues promptly.  Loan portfolio growth remains tepid, as new loan volume is not replacing maturities.  We attribute this to the state of the economy in Southern California, the reluctance of business to make investments and grow, the scarcity of quality credits, and the competition for loans from both other community banks and the large banks.  While we are able to retain maturing lending relationships having growth opportunities, we are doing so selectively based on pricing considerations, as we prefer profitability and margin retention over short term growth.  We look forward to economic improvement and the loan growth it will generate.”

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Vic Santoro, Executive Vice President and Chief Financial Officer, stated, “In addition to improved earnings and credit quality metrics, this quarter brought improvements in net interest margin and tangible equity.  Increased loan yield and lower deposit cost resulted in a net interest margin of 5.57%, a 23 basis point increase from the first quarter’s 5.34%.  Our solid earnings combined with resolution of the goodwill matter with the FDIC increased tangible equity by over $30 million, bringing tangible book value per share to $12.12, an increase of $0.81.  The deposit base mix remains quite stable, with non-interest bearing and core deposits at 36% and 76%, respectively, of total deposits.”

YEAR TO DATE RESULTS

The higher net earnings for the six months ended June 30, 2011 compared to the same period last year was due mostly to a lower provision for credit losses on non-covered loans.  The provision for the prior year period included $71.4 million related to the Company’s sale of $323.6 million of non-covered classified loans in the first quarter of 2010; there was no similar sale of classified loans in the current year.  When compared to the same period for 2010, the current 2011 period shows higher net interest income of $18.8 million ($10.9 million after-tax), lower provision for credit losses on non-covered loans of $113.3 million ($65.7 million after-tax), lower provision for credit losses on covered loans of $19.3 million ($11.2 million after-tax), lower FDIC loss sharing income of $17.6 million ($10.2 million after-tax) and lower noninterest expense of $5.4 million ($3.1 million after-tax).  The increase in net interest income was due primarily to higher interest income on loans, attributable mostly to an increase in accelerated accretion of purchase discounts on covered loan payoffs.  The decline in noninterest expense includes lower net OREO costs and higher compensation cost.

BALANCE SHEET CHANGES

Total assets declined $75.8 million during the second quarter due to lower loans and interest-earning deposits in financial institutions, offset by higher investment securities.  During the second quarter total loans declined $195.9 milllion on a net basis, including a $144.5 million decrease in non-covered loans.  The loan portfolio continues to decline generally due to repayments, resolution activities and low loan demand.  At June 30, 2011, non-covered loans, net of unearned income, totaled $2.9 billion and the covered loan portfolio was $806.0 million.  Investment securities available-for-sale grew $170.8 million due to the purchase of $191.1 million of primarily government-sponsored entity pass through securities.

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Goodwill was reduced $7.6 million as the matter with the FDIC regarding the settlement accounting for a wholly-owned subsidiary in the Los Padres acquisition was resolved; a receivable for such amount is included in the FDIC loss sharing asset at June 30, 2011 and is expected to be received during the third quarter.

Total deposits declined $98.2 million during the second quarter to $4.5 billion at June 30, 2011.  Time deposits decreased $45.8 million during the second quarter to $1.1 billion at June 30, 2011.  Core deposits, which include noninterest-bearing demand, interest checking, money market and savings accounts, declined $52.4 million during the second quarter due mostly to a $42.8 million decrease in money market accounts.  At June 30, 2011, core deposits totaled $3.4 billion, or 76% of total deposits at that date.  Noninterest-bearing demand deposits decreased $6.8 million during the second quarter to $1.6 billion and represented 36% of total deposits at June 30, 2011.

COVERED ASSETS

As part of the Los Padres and Affinity acquisitions we entered into loss sharing agreements with the FDIC that cover a substantial portion of losses incurred after the acquisition dates on loans and other real estate owned, and in the case of the Affinity acquisition, certain investment securities.

A summary of the covered assets at June 30, 2011 and March 31, 2011 is shown in the following table:

NET INTEREST INCOME

Net interest income was $68.7 million for the second quarter of 2011 compared to $65.7 million for the first quarter of 2011.  The $3.0 million increase is due mostly to growth of $2.5 million in interest income, which is attributed mainly to higher accelerated accretion of purchase discounts on covered loan payoffs and purchases of investment securities.  Contributing to the increase in net interest income was a reduction in interest expense of $412,000 due principally to lower rates on money market accounts and a decline in time deposit balances.

Net interest income grew by $18.8 million to $134.4 million during the six months ended June 30, 2011 compared to the same period last year.  This change was due to a $14.6 million increase in interest income and a $4.2 million decrease in interest expense.  The increase in interest income was due primarily to an increase in accelerated accretion of purchase discounts on covered loan payoffs and purchases of investment securities.  The decrease in interest expense was due mainly to lower rates on deposits and lower average borrowing balances as $260 million of FHLB advances were repaid in the first half of 2010 and another $50 million were repaid in December 2010.

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NET INTEREST MARGIN

Our net interest margin for the second quarter of 2011 was 5.57%, an increase of 23 basis points from the 5.34% posted for the first quarter of 2011.  The net interest margin has been impacted by the accelerated accretion of purchase discounts on covered loan payoffs and loans being placed on or removed from nonaccrual status.  The effects of such items on the net interest margin are shown in the following table:

The yield on average loans was 7.18% for the second quarter of 2011 compared to 6.78% for the prior quarter.  The loan yield for the second quarter was positively impacted by 52 basis points from the combination of accelerated accretion of purchase discounts on covered loan payoffs and nonaccrual loan interest.  The loan yield for the first quarter was positively impacted by 27 basis points from these items.  The cost of interest-bearing deposits and all-in deposit cost declined four and three basis points to 0.75% and 0.49%, respectively, due mostly to lower rates on money market accounts and lower average balances of time deposits.

The net interest margin for the first six months of 2011 was 5.45% compared to 4.87% for the same period last year.  The increase was due mostly to lower funding costs and a higher yield on loans offset partially by an increase in the average balance of lower yielding investment securities.

NONINTEREST INCOME

Noninterest income for the second quarter of 2011 totaled $11.2 million compared to $4.8 million for the first quarter of 2011.  The $6.4 million increase was due mostly to higher FDIC loss sharing income stemming from higher credit-related net costs on covered loans and OREO.

Noninterest income declined by $15.9 million to $16.0 million during the six months ended June 30, 2011 compared to the same period last year.  This reduction was attributable primarily to a decrease in FDIC loss sharing income.

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NONINTEREST EXPENSE

Noninterest expense grew $5.1 million to $46.5 million during the second quarter of 2011 compared to $41.4 million for the first quarter of 2011.  This change was due mostly to increases in covered and non-covered OREO costs. Covered OREO costs increased by $3.8 million due principally to lower gains on sales of $3.3 million and higher write-downs of $675,000.  Non-covered OREO costs increased by $1.6 million due almost entirely to higher write-downs recognized in the second quarter.  Other expense increases included higher occupancy costs due to lease renewal commissions, higher other professional services expense due to legal costs associated with our credit work-out efforts, and higher other expenses related to loan management costs and recent stock awards for directors.  Insurance and assessment costs are lower due to a decline in FDIC deposit insurance costs.

Noninterest expense includes amortization of time-based restricted stock, which is included in compensation, and intangible asset amortization.  Amortization of restricted stock totaled $2.1 and $2.0 million for the second and first quarters of 2011, respectively. Intangible asset amortization totaled $2.3 million for each of the second and first quarters of 2011.

Noninterest expense declined by $5.4 million to $87.9 million during the six months ended June 30, 2011 compared to the same period last year.  This reduction was attributable primarily to decreases in non-covered and covered OREO costs and lower insurance and assessments expense.  Non-covered OREO costs declined $6.1 million due mainly to lower write-downs of $7.0 million and lower OREO expense of $510,000, offset partially by lower gains on sales of OREO of $1.5 million.  Covered OREO costs declined by $3.5 million due mostly to higher gains on sales of OREO.  The declines were offset by increases in almost all other expense categories for the additional operating costs arising from the Los Padres acquisition in August 2010.  We added nine branches to our network through the Los Padres acquisition.

CREDIT QUALITY

(1) Classified loans are those with a credit risk rating of substandard or doutbtful.

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Credit Loss Provisions

The second quarter of 2011 provision for credit losses totaled $11.4 million and was comprised of $5.5 million on the non-covered loan portfolio and $5.9 million on the covered loan portfolio.  The first quarter of 2011 provision for credit losses totaled $10.7 million and was composed of $7.8 million on the non-covered loan portfolio and $2.9 million on the covered loan portfolio.  The provision on the non-covered portfolio is generated by our allowance methodology and reflects net charge-offs, the levels of nonaccrual and classified loans, and the migration of loans into various risk classifications.  The covered loan credit loss provision increases the covered loan allowance for credit losses and results from decreases in expected cash flows on covered loans compared to those previously estimated.

Second quarter of 2011 net charge-offs on non-covered loans totaled $7.2 million compared to first quarter net charge-offs on non-covered loans of $7.9 million. The allowance for credit losses on the non-covered portfolio totaled $102.6 million and $104.2 million at June 30, 2011 and March 31, 2011, respectively, and represented 3.52% and 3.41% of the non-covered loan balances at those respective dates.  The allowance for credit losses as a percent of nonaccrual loans was 157% and 136% at June 30, 2011 and March 31, 2011, respectively.

Non-covered Nonaccrual Loans and Other Real Estate Owned

Non-covered nonperforming assets include non-covered nonaccrual loans and non-covered OREO and totaled $117.5 million at June 30, 2011 compared to $125.2 million at March 31, 2011.  The $7.7 million decline in non-covered nonperforming assets is due primarily to an $11.5 million reduction in nonaccrual loans, offset partially by a $3.8 million increase in OREO.  The ratio of non-covered nonperforming assets to non-covered loans and non-covered OREO decreased to 3.96% at June 30, 2011 from 4.03% at March 31, 2011.

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The amount of new nonaccrual loans has slowed over the last several quarters as shown in the following chart.

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The following table presents the types and balances of non-covered loans included in the categories of nonaccrual and accruing loans past due between 30 and 89 days at June 30, 2011 and March 31, 2011:

(1) Excludes covered loans.

The $11.5 million decline in non-covered nonaccrual loans during the second quarter was attributable to (a) foreclosures of $6.1 million, (b) other reductions, payoffs and returns to accrual status of $15.8 million, (c) charge-offs of $5.8 million, and (d) additions of $16.2 million.

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Below is a summary of the ten largest lending relationships on nonaccrual status, excluding SBA-related loans, at June 30, 2011:

The following table presents the details of non-covered and covered OREO as of the dates indicated:

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The following table presents the activity in non-covered and covered OREO for the second quarter:

(1) Represent amounts due to participations, guarantees, property taxes or any other prior lien positions.

REGULATORY CAPITAL MEASURES ARE ABOVE THE WELL-CAPITALIZED MINIMUMS

PacWest and its wholly-owned banking subsidiary, Pacific Western Bank, each remained well capitalized at June 30, 2011 as shown in the following table.

ABOUT PACWEST BANCORP

PacWest Bancorp (“PacWest”) is a bank holding company with $5.4 billion in assets as of June 30, 2011, with one wholly-owned banking subsidiary, Pacific Western Bank (“Pacific Western”). Through 77 full-service community banking branches, Pacific Western provides commercial banking services, including real estate, construction and commercial loans, to small and medium-sized businesses. Pacific Western’s branches are located in Los Angeles, Orange, Riverside, San Bernardino, Santa Barbara, San Diego, San Francisco, San Luis Obispo, San Mateo and Ventura Counties in California and Maricopa County in Arizona.  Through its subsidiary BFI Business Finance and its division First Community Financial, Pacific Western also provides working capital financing to growing companies located throughout the Southwest, primarily in the states of Arizona, California and Texas. Additional information regarding PacWest Bancorp is available on the Internet at www.pacwestbancorp.com.  Information regarding Pacific Western Bank is also available on the Internet at www.pacificwesternbank.com.

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FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking information about PacWest that is intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. We caution readers that a number of important factors could cause actual results to differ materially from those expressed in, implied or projected by, such forward-looking statements. Risks and uncertainties include, but are not limited to: lower than expected revenues; credit quality deterioration or a reduction in real estate values could cause an increase in the allowance for credit losses and a reduction in net earnings; increased competitive pressure among depository institutions; the Company’s ability to complete future acquisitions, successfully integrate such acquired entities, or achieve expected beneficial synergies and/or operating efficiencies within expected time-frames or at all; settlements with the FDIC related to our loss-sharing arrangement and other adjustments related to the Los Padres Bank and Affinity Bank acquisitions; the possibility that personnel changes will not proceed as planned; the cost of additional capital is more than expected; a change in the interest rate environment reduces net interest margins; asset/liability repricing risks and liquidity risks; pending legal matters may take longer or cost more to resolve or may be resolved adversely to the Company; general economic conditions, either nationally or in the market areas in which the Company does or anticipates doing business, are less favorable than expected; environmental conditions, including natural disasters, may disrupt our business, impede our operations, negatively impact the values of collateral securing the Company’s loans or impair the ability of our borrowers to support their debt obligations; the economic and regulatory effects of the continuing war on terrorism and other events of war, including the conflicts in the Middle East; legislative or regulatory requirements or changes adversely affecting the Company’s business; changes in the securities markets; regulatory approvals for any capital activities cannot be obtained on the terms expected or on the anticipated schedule; and, other risks that are described in PacWest’s public filings with the U.S. Securities and Exchange Commission (the “SEC”). If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, PacWest’s results could differ materially from those expressed in, implied or projected by such forward-looking statements. PacWest assumes no obligation to update such forward-looking statements.

For a more complete discussion of risks and uncertainties, investors and security holders are urged to read PacWest Bancorp’s annual report on Form 10-K, quarterly reports on Form 10-Q and other reports filed by PacWest with the SEC.  The documents filed by PacWest with the SEC may be obtained at PacWest Bancorp’s website at www.pacwestbancorp.com or at the SEC’s website at www.sec.gov.  These documents may also be obtained free of charge from PacWest by directing a request to: PacWest Bancorp c/o Pacific Western Bank, 275 North Brea Boulevard, Brea, CA 92821.  Attention: Investor Relations. Telephone 714-671-6800.

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PACWEST BANCORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

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PACWEST BANCORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)

(Unaudited)

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PACWEST BANCORP AND SUBSIDIARIES

AVERAGE BALANCE SHEETS AND YIELD ANALYSIS

(Unaudited)