This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

PacWest And CapitalSource Provide Update On Timing Of Merger Closing

Stocks in this article: PACW

LOS ANGELES, March 25, 2014 (GLOBE NEWSWIRE) -- PacWest Bancorp (Nasdaq:PACW) ("PacWest") and CapitalSource Inc. (NYSE:CSE) ("CapitalSource") today provided an update on the expected timing for closing of their merger. PacWest and CapitalSource have received the requisite approvals from the Federal Deposit Insurance Corporation and the California Department of Business Oversight and expect to consummate the transaction promptly following receipt of the requisite approval of the Board of Governors of the Federal Reserve System. The Federal Reserve Board approval does not require a 15 day waiting period before the merger can be closed. PacWest and CapitalSource do not currently expect to receive Federal Reserve Board approval in time to complete the merger on April 1, as previously disclosed. The parties have no reason to believe, however, that Federal Reserve Board approval will not be received in the near term.  Once the Federal Reserve Board approval is received, the companies will announce that event and the closing date of the merger. 

FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking statements that are intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. Although these forward-looking statements reflect PacWest's and CapitalSource's current views with respect to the timing of closing of the merger, no assurances can be given that the Federal Reserve approval will be received within the timeframe contemplated by these statements.

CONTACT:  PacWest Bancorp
          10250 Constellation Blvd., Suite 1640
          Los Angeles, CA 90067
 
          Matthew P. Wagner
          Chief Executive Officer
          (310) 728-1020

          Victor R. Santoro
          Executive Vice President and CFO
          (310) 728-1021

          CapitalSource Inc.
          633 West 5th Street, 33rd Floor 
          Los Angeles, CA 90071 
 
          Dennis Oakes
          Senior Vice President - Investor Relations
          (212) 321-7212

          Michael Weiss
          Director of Communications
          (301) 841-2918

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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.
Submit an article to us!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs