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PacWest Bancorp and CapitalSource Inc Agree To Merge And Announces Combined Company Name As Pacwest Bancorp


Monday, 22 Jul 2013 05:50pm EDT 

Pacwest Bancorp (the Company) and CapitalSource Inc. (CapitalSource ) announced that the signing of a definitive agreement and plan of merger (the Agreement) whereby PacWest and CapitalSource will merge in a transaction valued at approximately $2.3 billion. The combined company will be called PacWest Bancorp and the combined subsidiary bank will be called Pacific Western Bank. The CapitalSource national lending operation will continue to do business under the name CapitalSource as a division of Pacific Western Bank. The transaction, currently expected to close in the first quarter of 2014, is subject to customary conditions, including the approval of bank regulatory authorities and the stockholders of both companies. Certain stockholders of CapitalSource and PacWest, including all current directors, have agreed to vote in favor of the transaction. Under the terms of the Agreement, CapitalSource shareholders will receive $2.47 in cash and 0.2837 shares of PacWest common stock for each share of CapitalSource common stock. The total value of the CSE per share merger consideration, based on the closing price of PacWest shares on July 19, 2013 of $32.32, is $11.64. 

Company Quote

41.51
0.6 +1.47%
24 Jul 2014