LOS ANGELES, April 1, 2014 (GLOBE NEWSWIRE) -- PacWest Bancorp (Nasdaq:PACW) ("PacWest") and CapitalSource Inc. (NYSE:CSE) ("CapitalSource") today announced they have received regulatory approval from the Board of Governors of the Federal Reserve System and that the merger will close on Monday, April 7, 2014 at the close of business.
As previously announced, the integration of CapitalSource Bank systems and the conversion of CapitalSource Bank's branches to Pacific Western Bank's operating platform are scheduled to be completed over the weekend of April 11, 2014. CapitalSource has 21 branches, twelve of which are being closed in the consolidation with Pacific Western Bank at the close of business on April 11. One overlapping Pacific Western branch is also being closed in the consolidation at the close of business on April 11. All remaining branches will re-open on Monday, April 14, 2014 as Pacific Western Bank branches.
FORWARD-LOOKING STATEMENTSThis 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