Pacific Western Bank announced that Pacific Western Equipment Finance is the new name of the former Marquette Equipment Finance, effective as of the close of business on Friday, March 23, 2012. Following Pacific Western Bank's acquisition of Marquette Equipment Finance in January 2012, the new name links the 34 year old Utah-based equipment leasing company with its commercial banking parent. Pacific Western Bank is the wholly-owned banking subsidiary of PacWest Bancorp.

"This is a significant step in the process of becoming part of the Pacific Western Bank organization," noted Jim Christensen, President of Pacific Western Equipment Finance. "We will continue to serve our clients with innovation and integrity, supported by the substantial strength of our new parent company. With our new name, we are positioned to provide our proven financing solutions for Pacific Western Bank clients as well."

"Pacific Western Equipment Finance will function as a division of our commercial banking operations, adding business essential equipment leasing to the variety of financial solutions we offer to our customers," added Matt Wagner, Chairman and CEO of Pacific Western Bank and CEO of PacWest Bancorp.
 
Pacific Western Equipment Finance focuses on business-essential equipment leases with transactions primarily in the mid-ticket segment, providing working capital financing and equipment leasing to growing companies located throughout the United States. At December 31, 2011, Pacific Western Equipment Finance had approximately $162 million in gross leases and leases in process outstanding. With leases spread across 18 industries, 68% of Pacific Western Equipment Finance's lease portfolio is concentrated in the financial services/insurance, manufacturing, and health care industries.