This Day On The Street
Continue to site
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

PacWest Bancorp Announces The Completion Of Its Merger With CapitalSource Inc.

-- 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."

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,528.03 -114.98 -0.69%
S&P 500 1,972.18 -16.69 -0.84%
NASDAQ 4,776.5080 -51.8170 -1.07%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs