PacWest Bancorp in Los Angeles announced Tuesday that Chief Financial Officer Victor Santoro plans to retire from the post this summer and that West Coast banking veteran Patrick Rusnak will succeed him in that role.
Santoro will step down as CFO in mid-August after PacWest files its 10-Q for the second quarter. He will remain with the company until June 2016 as vice chairman of corporate development to help with the transition and oversee the closing of PacWest's deal for Square 1 Financial. It would be the 17th acquisition Santoro helped to complete since joining PacWest in 2003.
Rusnak will join PacWest on April 27 as the executive vice president and CFO of its subsidiary, Pacific Western Bank, and is expected to take on the additional title of holding company CFO when Santoro transitions to his new role. A well-known name on the West Coast, Rusnak most recently served as the CFO of Sterling Financial Corp. in Spokane, Wash., until the company was sold to Umpqua Holdings in Portland, Ore.
Prior to that, Rusnak was chief executive of AmericanWest Bancorp. in Spokane. He is credited with helping save AmericanWest from failure during his tenure, which ran from July 2008 to December 2010.
The $16.2 billion-asset PacWest operates 80 branches across California.