This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
—$125.1 million in deposits sold— —$2.0 million in expected annual cost savings for Pacific Western—
LOS ANGELES, Sept. 24, 2012 (GLOBE NEWSWIRE) -- PacWest Bancorp (Nasdaq:PACW) announced that its wholly-owned subsidiary Pacific Western Bank completed today its previously announced sale of 10 branches to Opus Bank. Pacific Western continues to operate 66 branches throughout California.
The branches sold to Opus Bank 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.
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 deposits transferred represent approximately 3% of Pacific Western Bank's total deposits at June 30, 2012. Although certain real property and other assets related to the branches were included in the transaction, no loans, other than overdraft lines tied to deposits, were transferred. Pacific Western estimates annual cost savings of approximately $2.0 million as a result of the transaction.
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.
ABOUT PACWEST BANCORP
PacWest Bancorp ("PacWest") is a bank holding company with $5.3 billion in assets as of June 30, 2012, with one wholly-owned banking subsidiary, Pacific Western Bank ("Pacific Western"). Through 66 full-service community banking branches, Pacific Western provides commercial banking services, including real estate, construction and commercial loans, to small and medium-sized businesses. Pacific Western's branches are located throughout California in Los Angeles, Orange, Riverside, San Bernardino, Santa Barbara, San Diego, San Francisco, San Luis Obispo, San Mateo and Ventura Counties. Through its subsidiaries, BFI Business Finance and Celtic Capital Corporation, and its divisions First Community Financial and Pacific Western Equipment Finance, Pacific Western also provides working capital financing and equipment leasing to growing companies located throughout the United States, with a focus on the Southwestern U.S., primarily in Arizona, California, Utah and Texas. Additional information regarding PacWest Bancorp is available on the Internet at
www.pacwestbancorp.com . Information regarding Pacific Western Bank is also available on the Internet at
This press release contains certain forward-looking information about PacWest that is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. We caution readers that a number of important factors could cause actual results to differ materially from those expressed in, implied or projected by, such forward-looking statements. Risks and uncertainties include, but are not limited to: failure to obtain regulatory or other required approvals; an inability to achieve expected cost savings in the amounts or timeframes discussed if at all, or the costs associated with the transaction or the time needed to complete the transaction being greater than expected; and other risks that are described in PacWest's public filings with the U.S. Securities and Exchange Commission (the "SEC"). If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, PacWest's results could differ materially from those expressed in, implied or projected by such forward-looking statements. PacWest assumes no obligation to update such forward-looking statements.
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.