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Pacwest Bancorp Announces Agreement To Acquire First California Financial Group Inc.


Tuesday, 6 Nov 2012 06:24pm EST 

Pacwest Bancorp and First California Financial Group, Inc. announced the signing of a definitive agreement and plan of merger whereby PacWest will acquire First California for $8.00 per First California common share, or approximately $231 million in aggregate consideration, payable in PacWest common stock. In connection with the acquisition, First California Bank will be merged into Pacific Western Bank, the Los Angeles-based wholly owned subsidiary of PacWest Bancorp. Directors of PacWest and of First California unanimously approved the transaction. Two independent directors from the board of directors of First California will join PacWest's Board of Directors upon completion of the acquisition. The transaction, currently expected to close late in the first quarter of 2013. Pursuant to the terms of the definitive agreement, First California shareholders will receive PacWest common stock for their shares of First California common stock in a tax-free transaction. Keefe, Bruyette & Woods, Inc. acted as financial advisor to First California in the transaction. Skadden, Arps, Slate, Meagher & Flom, LLP served as legal counsel to First California. Castle Creek Financial acted as financial advisor to PacWest, and Sandler O'Neill + Partners, L.P. Wachtell, Lipton, Rosen & Katz served as legal counsel to PacWest. 

Company Quote

40.91
-0.28 -0.68%
3:37pm EDT