Quarter Group, LLC, a real estate investment company focused on assisting financial institutions with the sale-leaseback of bank-owned premises, announced today that it has entered into a definitive agreement with Pacific Western Bank to acquire and leaseback four bank-owned properties in California. Pacific Western Bank, a wholly owned subsidiary of PacWest Bancorp (NASDAQ: PACW), is a leading California commercial bank with approximately $21 billion in assets and 79 branches throughout California and one branch in Durham, North Carolina. Under the terms of the definitive agreement, Quarter Group will acquire the four properties for approximately $12 million and Pacific Western Bank will enter into triple net lease agreements with affiliates of Quarter Group to leaseback the premises under varying lease terms. Each lease agreement provides Pacific Western Bank with two consecutive renewal options of five years each. "For financial institutions, these types of transactions are particularly attractive as they enable banks to put the capital trapped in their owned real estate to a higher and better use," said Jared Wolff, co-managing partner of Quarter Group. "This can include redeploying those proceeds into yield-producing assets or any number of other capital objectives." Quarter Group is working with financial institutions nationwide on sale-leaseback transactions of their owned premises. The transaction is expected to close in the first quarter of 2017. D.A. Davidson & Co. acted as financial advisor on the transaction for Quarter Group. About Quarter Group Quarter Group, LLC is a Los Angeles-based real estate investment company focused on the acquisition and development of urban properties in various US markets. Quarter Group's acquisitions fall into two portfolios: stable asset and development. The stable asset portfolio is centered on assisting financial institutions nationwide with the sale-leaseback of bank-owned premises. The development portfolio targets under-utilized real estate with multiple strategic alternatives, including rehabilitation, re-purposing, entitlement, and development of commercial and residential properties. Matt Karatz and Jared Wolff, both seasoned real estate and finance professionals, founded Quarter Group in March 2015.