Key Developments For PacWest Bancorp
PacWest Bancorp (PACW.O) (Nasdaq)
PacWest Bancorp Announces Quarterly Dividend
PacWest Bancorp announced that it has declared a quarterly cash dividend of $0.01 per common share. The cash dividend is payable on November 30, 2009 to stockholders of record at the close of business on November 16, 2009.
PacWest Bancorp's Unit Opens 10 Former Affinity Bank Branches
PacWest Bancorp announced that its wholly owned subsidiary Pacific Western Bank has opened the 10 former Affinity Bank branches as Pacific Western Bank branches.
PacWest Bancorp Subsidiary Acquires Affinity Bank of Ventura
PacWest Bancorp announced that its wholly owned subsidiary Pacific Western Bank acquired Ventura, CA-based Affinity Bank in a transaction assisted by the Federal Deposit Insurance Corporation (FDIC). Under the terms of the transaction, Pacific Western Bank will acquire most of the assets, including all loans, and assume the insured and uninsured deposits excluding certain brokered deposits. Affinity Bank branches located in San Francisco and San Mateo Counties will reopen on August 29 as branches of Pacific Western Bank. All other bank branches previously operated by Affinity will reopen on August 31 as branches of Pacific Western Bank. Financial terms of the transaction were not disclosed.
PacWest Bancorp Announces Capital Raise of $50 Million
PacWest Bancorp announced that it has entered into agreements with several institutional investors for a direct placement of $50 million of common stock at a price of $18.36 per share, which was the closing price of PacWest's common stock on August 24, 2009. In addition to the issuance of the common shares, PacWest will issue to each investor two warrants exercisable for common shares worth up to an additional $50 million in the aggregate with an exercise price of $20.20 per share, or 110% of the price per share at which the initial $50 million was sold. The Series A warrants expire in six months on February 25, 2010 and the Series B warrants expire in 12 months on August 25, 2010. The common shares sold, the warrants and the shares underlying the warrants are to be issued under PacWest Bancorp's $150 million shelf registration statement.
PacWest Bancorp Announces Quarterly Dividend
PacWest Bancorp announced that its Board of Directors has declared a quarterly cash dividend of $0.01 per common share. The cash dividend is payable on September 4, 2009 to stockholders of record at the close of business on August 24, 2009.
