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Pacwest Bancorp Announces Completion of Acquisition of First California Financial Group


Friday, 31 May 2013 08:14pm EDT 

Pacwest Bancorp announced that on May 31, 2013, it completed its previously announced acquisition of First California Financial Group Inc. As part of the acquisition, First California Bank, a wholly owned subsidiary of First California, merged with and into PacWest's wholly owned banking subsidiary, Pacific Western Bank (PWB). In the merger with First California, each share of First California common stock was converted into the right to receive 0.2966 of a share of PacWest common stock. The exchange ratio was calculated based on the volume-weighted average share price of PacWest common stock for the 20 consecutive trading days ending on the second full trading day prior to the receipt of the last of the regulatory approvals required under the merger agreement. PacWest is issuing an aggregate of approximately 8.3 million shares of PacWest common stock to First California stockholders (which include PacWest common shares issuable in exchange for First California's Series A Preferred Stock). Approximately $231,000 in cash is being delivered to holders of outstanding and unexercised First California options. In addition, approximately one million shares of First California common stock currently owned by PacWest have been cancelled in the merger. 

Company Quote

45.2
-0.89 -1.93%
19 Dec 2014