—$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.
For a more complete discussion of risks and uncertainties, investors and security holders are urged to read PacWest Bancorp's annual report on Form 10-K, quarterly reports on Form 10-Q and other reports filed by PacWest with the SEC. The documents filed by PacWest with the SEC may be obtained at PacWest Bancorp's website at www.pacwestbancorp.com or at the SEC's website at www.sec.gov. These documents may also be obtained free of charge from PacWest by directing a request to: PacWest Bancorp c/o Pacific Western Bank, 275 North Brea Boulevard, Brea, CA 92821. Attention: Investor Relations. Telephone 714-671-6800.
CONTACT: Matt Wagner, Chief Executive Officer (310) 728-1020 Vic Santoro, Executive Vice President and CFO (310) 728-1021