April 17, 2024 The Best Source of News, Culture, Lifestyle for Culver City, Mar Vista, Del Rey, Palms and West Los Angeles

PacWest Bancorp Set to Merge with CapitalSource

PacWest
CapitalSource Bank branches will officially become Pacific Western Bank on April 14. (Image courtesy San Diego North Chamber of Commerce)

The acquisition of a Downtown Los Angeles bank by a Century City bank finally received the green light by the Federal Reserve board last week, meaning the reported merger of the PacWest Bancorp and CapitalSource Inc. will make the new venture the fourth largest local financial institution in the County.

According to PacWest, the Federal Reserve System’s Board of Governors announced it gave the bank regulatory approval to go forward with the merger and acquisition of CapitalSource.

The merger also received regulatory approvals from the California Dept. of Business Oversight and Federal Deposit Insurance Corp. (FDIC), according to reports.

With the Federal Reserve System’s regulatory approval last week, both banks moved to complete the merger by the end of business on April 7.

As a result of the merger, 12 of CapitalSource’s 21 branches will be shut down. The other nine will consolidate with PacWest, it was announced. Also, PacWest stated one of its overlapping Pacific Western branches would close April 11.

The remaining branches will re-open April 14 as Pacific Western Bank.

PacWest also announced all CapitalSource Bank systems will be integrated and converted to Pacific Western Bank’s operating platform between April 11 and April 14.

News reports indicate the merger means PacWest’s total assets would increase to $15.4 billion. Within Los Angeles County, only City National Bank, East West Bank, and One West Bank reportedly have more total assets.

The commercial banks announced plans to merge in July 2013. According to PacWest, the transaction was valued at about $2.3 billion when merger plans were announced last summer.

At the time of the July 2013 announcement, CapitalSource reported about $8.7 billion in assets. In December 2013, PacWest reported about $6.5 billion in total assets.

PacWest had operated 73 Pacific Western Bank branches across 10 counties within California prior to announcing its intentions to acquire CapitalSource and its CapitalSource Bank branches.

In a released statement, PacWest stated both institutions combined would rank as the sixth largest publicly owned bank and eighth largest commercial bank headquartered in California.

Other companies involved in the transaction included JP Morgan Securities (CapitalSource financial advisor), Wachtell, Lipton, Rosen & Katz (CapitalSource legal counsel), Jefferies LLC, Castle Creek Financial and Goldman Sachs & Co. (PacWest financial advisor), and Sullivan & Cromwell (PacWest legal counsel).

On Wall Street, PacWest (PACW) is traded on NASDAQ; CapitalSource was a New York Stock Exchange (NYSE) company.

PacWest is located at 10250 Constellation Boulevard, Suite 1640, in Century City.

Related Posts

Girls Learn Self Defense at Empowerment Summer Camp for Girls

April 17, 2024

April 17, 2024

This summer, girls are invited to explore practical self defense training at SHIELD Women’s Self Defense’s 2024 Empowerment Summer Camp...

Brentwood Art Center: Kids Explore Fundamentals of Drawing, Painting and Mixed Media

April 17, 2024

April 17, 2024

The beloved Brentwood Art Center is hosting summer camps at its new location at Olympic and 17th in Santa Monica. ...

Camp Integem: Explore, Design and Innovate with Future Tech

April 17, 2024

April 17, 2024

This summer, kids are inviting to make magic as they journey into the fun-filled, hands-on world of artificial intelligence (AI),...

(Video) Westwood Premiere of Zendaya’s New Film Challengers, Directed By Luca Guadagnino

April 17, 2024

April 17, 2024

Luca Guadagnino, stars Zendaya, Josh O’Connor, Mike Faist, composers Trent Reznor, Atticus Ross, and producers Rachel O’Connor and Amy Pascal...

Marine Corps Member Sentenced to Federal Prison for Firebombing Clinic and Domestic Terrorism Plots

April 16, 2024

April 16, 2024

Man Receives 9-Year Sentence for Neo-Nazi Plots Including Hollywood Hills Home Invasion Plans  A man from Orange County, convicted of...

Los Angeles County District Attorney Announces Charges In Brutal Venice Sexual Assaults

April 16, 2024

April 16, 2024

Charges Filed Against Suspect in Venice Canals Case by LADA George Gascon Los Angeles County District Attorney George Gascón has...

Kids Learn Local Waters in Aquarium Science Camp

April 16, 2024

April 16, 2024

This summer, kids have the opportunity to engage in science and learn about the fascinating water systems in Santa Monica...

Saint Monica Prep: Mariner Sports Camps Focus on Fundamentals

April 15, 2024

April 15, 2024

Teams at Saint Monica Preparatory took big wins this winter season.  The coaches leading an undefeated girls’ soccer team, winning...

Sophie Dance West Dance Camp Enrolling Now

April 15, 2024

April 15, 2024

Calling all Swifties! Sophie Dance West, an all-inclusive kids dance studio that welcomes any skill level from beginner to highly...

Los Angeles Mayor Karen Bass Delivers 2024 State of the City Address Monday Evening

April 15, 2024

April 15, 2024

Mayor Highlights Achievements and Outlines Future Plans in Annual Speech Mayor Karen Bass delivered the annual State of the City...

Armed Robbery Reported in Culver City Parking Structure

April 15, 2024

April 15, 2024

CCPD Seek Public’s Assistance in Identifying Suspects Culver City Police responded to an armed robbery in the 6000 block of...

Measles Case Reported in West Los Angeles, Locations Identified for Possible Exposure

April 15, 2024

April 15, 2024

Health Officials Urge Vigilance Amid Rising Concerns The Los Angeles County Department of Public Health has confirmed a case of...

(Video) The LAPD Announces the Arrest of a Suspect in the Horrific Attacks on Two Women on April 6 in the Venice Canal Area

April 15, 2024

April 15, 2024

At a press conference on Friday, City leaders announced an arrest. @culvercitywlanews The LAPD Announces the Arrest of a Suspect...

Wise Readers to Leaders Launches Free Summer Literacy Camp for Students in Need

April 15, 2024

April 15, 2024

Nonprofit Organization Provides Educational Support and Enrichment Opportunities Wise Readers to Leaders (WRTL), a nonprofit organization, is once again launching...

LAPD Announces Capture of Suspect in Venice Canal Attacks

April 14, 2024

April 14, 2024

Authorities Provide Updates on the Arrest at Press Conference By Dolores Quintana This morning, LAPD Commander Steven Lurie, West Bureau,...