Pacific West Bank and Unit Announce Strategic Partnership

PORTLAND, Ore., April 5, 2023 /PRNewswire/ -- Pacific West Bank (PWB), the wholly-owned subsidiary of Pacific West Bancorp (OTC: PWBK) and Unit, the leading banking-as-a-service platform, today announced a strategic partnership. The partnership allows companies to embed banking services, provided by PWB, into their products through Unit's industry-leading platform.

"We're excited to partner with Pacific West Bank as they share our commitment to compliance, security, and quality," said Itai Damti, CEO and co-founder of Unit. "Through this partnership, Unit will be able to empower more companies to build better banking solutions that improve financial access and deliver value."

This partnership will allow both companies to continue their strong growth. Unit is trusted by nearly 200 leading brands to launch and scale financial features. Over the last year, Unit has seen transaction volume cross $4 billion, and deposits increase to more than $500 million. Pacific West Bank had record setting operating profits in 2022 growing net income more than 20% and is poised to continue their growth trajectory.

"We see this partnership as a new opportunity for PWB to accelerate our growth, while expanding our mission to serve unique and diverse communities. We are thrilled to partner with Unit, the banking-as-a-service leader, as we look to take advantage of the exciting new embedded banking industry," said Jason Wessling, President and CFO of Pacific West Bank.

The strategic partnership has already sourced several promising companies who are preparing to launch banking products in the coming weeks.

"Pacific West Bank is a consistent supporter of the local community and is designated as a Benefit Corporation for Good, valuing people and planet in addition to profit," said Dana Lawrence, Director of Fintech Compliance at PWB. "Partnering with Unit and innovative fintech brands will be a natural next step for the Bank to increase the positive impact in communities beyond its physical footprint. I'm thrilled to be a part of the team and look forward to creating new economic opportunities in a safe and sustainable manner."

Dana joined the Bank in August of 2022 and brings over 20 years of experience in financial services with the last 9 years building and scaling compliance and risk management programs for fintech and banking-as-a-service programs.

About Pacific West Bancorp: Information about the Holding Company's stock is available through the over-the-counter marketplace at www.otcmarkets.com (symbol PWBK).

Pacific West Bank was formed in 2004 by Portland businesspeople to deliver loan and deposit product solutions through experienced and professional bankers to businesses, nonprofits, professionals, and individuals. The Bank serves the greater Portland Metro area with offices strategically located in Downtown Portland, Lake Oswego, West Linn, and soon Vancouver, WA.

About UNIT: Unit is the leading banking-as-a-service platform that empowers companies to build banking into their products. Unit accelerates time to market and enables companies to launch bank accounts, cards, payment, and lending products in weeks. Headquartered in New York City and Tel Aviv, Unit is backed by top investors including Insight Partners, Accel, and Better Tomorrow Ventures and serves 200+ customers including AngelList, HoneyBook, and Roofstock.

For more information, visit www.unit.co

Unit and featured clients are financial technology companies and not banks. Banking and lending services are provided by Unit's partner banks who are Members FDIC. Visa^® cards are issued by Unit's partner banks pursuant to a license from Visa U.S.A., Inc. and may be used everywhere Visa cards are accepted.

Pacific West Bank Media Contact:
Jason Wessling
President
(503) 912-2101
[email protected]

Certain statements in this release may be deemed to be "forward-looking statements." Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement.

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SOURCE Pacific West Bank