Key Developments: PacWest Bancorp (PACW.O)
27.99USD
23 May 2013
$-0.56 (-1.96%)
$28.55
$28.27
$28.43
$27.97
156,148
180,926
$29.30
$20.82
Latest Key Developments (Source: Significant Developments)
Pacwest Bancorp Announces Quarterly Dividend
Pacwest Bancorp announced that its Board of Directors has declared a quarterly cash dividend of $0.25 per common share. The cash dividend is payable on May 15, 2013 to stockholders of record at the close of business on May 6, 2013. Full Article
Pacwest Bancorp Announces Quarterly Dividend
Pacwest Bancorp announced that Board of Directors has declared a quarterly cash dividend of $0.25 per common share. The cash dividend is payable on March 5, 2013 to stockholders of record at the close of business on February 25, 2013. Full Article
Pacwest Bancorp Announces Agreement To Acquire First California Financial Group Inc.
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. Full Article
Pacwest Bancorp Announces Quarterly Dividend
Pacwest Bancorp announced that the Board of Directors has declared a quarterly cash dividend of $0.25 per common share. The cash dividend is payable on November 30, 2012 to stockholders of record at the close of business on November 19, 2012. Full Article
Pacwest Bancorp's Subsidiary Completes Previously Announced Sale Of 10 Branches To Opus Bank
Pacwest Bancorp announced that wholly owned subsidiary Pacific Western Bank completed previously announced sale of 10 branches to Opus Bank. Pacific Western continues to operate 66 branches throughout California. Under the terms of the transaction, Pacific Western transferred an aggregate of $125.1 million of deposits to Opus Bank in exchange for a blended deposit premium of 2.5%. The sale is not expected to result in any material gain or loss. The ten sold branches will re-open on Monday, September 24, 2012 as branches of Opus Bank. Former employees of Pacific Western Bank at the sold branches have joined Opus Bank as branch employees. Full Article
Opus Bank Receives Regulatory Approval For Acquisition Of Ten Banking Offices From Pacwest Bancorp's Pacific Western Bank
Pacwest Bancorp announced that Opus Bank has received the requisite regulatory approvals from the California Department of Financial Institutions and the FDIC for proposed acquisition of ten banking offices and approximately $143 million of related deposits from Pacific Western Bank, a wholly owned subsidiary of PacWest Bancorp. The acquisition is expected to be completed on September 21, 2012, after the close of business. The ten banking offices will reopen as Opus Bank offices on September 24, 2012. The banking offices are located in the communities of Encino, Monrovia, South Pasadena, and Westwood, in Los Angeles County; Carlsbad, El Cajon, and La Mesa, located in San Diego County; La Quinta, located in Riverside County; and Chino and Twentynine Palms, located in San Bernardino County, California. The transaction will result in the transfer of approximately $143 million of low cost, relationship-based deposits and cash, and real property associated with two of the ten locations. Although certain other immaterial assets related to the banking offices will be included, there are no loans included in the transaction. Full Article
Pacwest Bancorp Announces Quarterly Dividend
Pacwest Bancorp announced that its Board of Directors has declared a quarterly cash dividend of $0.18 per common share. The cash dividend is payable on August 31, 2012 to stockholders of record at the close of business on August 20, 2012. Full Article
Pacwest Bancorp's Pacific Western Bank Completes Acquisition Of American Perspective Bank
Pacwest Bancorp announced that PacWest's wholly owned subsidiary, Pacific Western Bank (PWB), completed the acquisition of American Perspective Bank (APB) for $58.1 million in cash, or $13.00 for each of APB's common shares outstanding. The acquisition, which was first announced on April 30, 2012, was concluded following receipt of APB shareholder approval and all required regulatory approvals. Full Article
Pacwest Bancorp's Subsidiary Signs Definitive Agreement To Sell 10 Branch Offices To Opus Bank
Pacwest Bancorp and Irvine-based Opus Bank jointly announced that PacWest's wholly owned subsidiary, Pacific Western Bank, and Opus Bank have entered into a definitive agreement whereby Pacific Western Bank will sell 10 branches to Opus Bank. The branches to be sold are located in the cities of Encino, Los Angeles (Westwood), Monrovia and South Pasadena, located in Los Angeles County, California; Chino and Twentynine Palms, located in San Bernardino County, California; La Quinta, located in Riverside County, California; and Carlsbad, El Cajon and La Mesa, located in San Diego County, California. The transaction will result in the transfer of deposits to Opus Bank in exchange for a blended deposit premium of 2.5% applied to the deposit balances transferred at closing. Currently, the deposits of the offices to be sold total approximately $145 million. The transaction is expected to be completed before the end of the year subject to regulatory approval and other customary terms. Following the transaction, Pacific Western Bank will continue to operate 66 branches throughout California. Full Article
Pacwest Bancorp Announces Quarterly Dividend
Pacwest Bancorp announced that its Board of Directors has declared a quarterly cash dividend of $0.18 per common share. The cash dividend is payable on May 31, 2012 to stockholders of record at the close of business on May 21, 2012. Full Article
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