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-- Combined entity has over $15 billion in assets and is the 6 th largest publicly-traded bank headquartered in California --
-- Combined entity has 81 branches throughout California ---- Five CapitalSource Directors join the PacWest Board of Directors ---- CapitalSource Bank merged into Pacific Western Bank ---- Integration and systems conversion scheduled for weekend of April 12, 2014 --
LOS ANGELES, April 8, 2014 (GLOBE NEWSWIRE) -- PacWest Bancorp (Nasdaq:PACW) ("PacWest") today announced that on April 7, 2014, it completed its previously announced merger with CapitalSource Inc. (NYSE:CSE) ("CapitalSource"). CapitalSource Bank, a wholly-owned subsidiary of CapitalSource, merged with and into PacWest's banking subsidiary, Pacific Western Bank.
The acquisition, which was first announced on July 22, 2013, was concluded following receipt of shareholder approval from both institutions and all required regulatory approvals. As of December 31, 2013, CapitalSource had $8.9 billion in assets and PacWest had $6.5 billion in assets. As of December 31, 2013, on a pro forma combined basis with CapitalSource, PacWest had approximately $15.4 billion in assets.
Upon closing, PacWest created the CapitalSource division of Pacific Western Bank. This division, which will operate under the CapitalSource name, will continue to serve businesses nationwide with a full spectrum of middle-market lending. Pacific Western Bank, through its combined network of 81 branches throughout California, will continue to serve small and medium-sized businesses with financing solutions, cash management and deposit services.
Matt Wagner, CEO of PacWest Bancorp and Pacific Western Bank, stated, "The culmination of this merger is a huge win for stockholders and customers of both institutions. The combined company has a nationwide lending engine with excellent credit quality and an enviable deposit and community banking franchise. Customers of both institutions will benefit from a broader array of lending and deposit services than either institution offered alone."