March 3, 2010 (FinancialWire) — PacWest Bancorp (NASDAQ: PACW) said that holders of 1,348,040 outstanding warrants to acquire PacWest Bancorp common stock exercised such warrants for a total of $27.2 million on or before March 1. The net proceeds from the warrant exercises are around $26.6 million after expenses.

The warrants, which had a strike price of $20.20 per share, represented 99% of the 1,361,656 six-month warrants issued in August 2009. An additional 1,361,657 million warrants issued in August 2009 with a strike price of $20.20 remain outstanding, of which 1,348,040 expire on August 27, 2010 and 13,617 expire on August 30, 2010.

California-based PacWest Bancorp is a bank holding company with one wholly-owned banking subsidiary, Pacific Western Bank, that operates through 68 full-service community banking branches.

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