PacWest Bancorp Announces the Completion of Its Merger With CU Bancorp
23 Oktober 2017 - 1:30PM
PacWest Bancorp (NASDAQ:PACW) (“PacWest”) today announced the
completion of its merger with CU Bancorp (NASDAQ:CUNB) (“CUB”),
effective on October 20, 2017. In conjunction with this merger,
California United Bank, a wholly-owned subsidiary of CUB, was
merged with and into PacWest’s banking subsidiary, Pacific Western
Bank.
Matt Wagner, CEO of PacWest and Pacific Western Bank, stated,
“We believe the CUB acquisition significantly enhances our Southern
California community bank franchise with the addition of $2.7
billion of core deposits, a high-quality loan portfolio totaling
$2.1 billion and a team of very experienced
bankers.”
Under the terms of the Agreement and Plan of Merger, each CUB
common share, except dissenting shares, and each restricted stock
award was converted into the right to receive 0.5308 of a share of
PacWest common stock and $12.00 in cash, and each outstanding CUB
stock option will be settled in cash pursuant to terms of the
Agreement and Plan of Merger. PacWest is issuing an aggregate of
approximately 9.3 million shares of PacWest common stock and paying
approximately $224 million in cash to CUB common shareholders and
equity award holders. Based on the closing price of PacWest’s
common stock on October 20, 2017 of $47.99 per share, the aggregate
consideration payable to CUB common shareholders and equity awards
holders is approximately $681 million.
ABOUT PACWEST
PacWest Bancorp (“PacWest”) is a bank holding company with over
$25 billion in assets with one wholly-owned banking subsidiary,
Pacific Western Bank (“Pacific Western”). Pacific Western has
83 full-service branches located throughout the state of California
and one branch in Durham, North Carolina. Pacific Western
provides commercial banking services, including real estate,
construction, and commercial loans, and comprehensive deposit and
treasury management services to small and medium-sized businesses.
Pacific Western offers additional products and services under the
brands of its business divisions, CapitalSource and Square 1 Bank.
The CapitalSource Division provides cash flow, asset-based,
equipment and real estate loans, as well as treasury management
services to middle market businesses on a national basis. The
Square 1 Bank Division offers a comprehensive suite of financial
services focused on entrepreneurial businesses and their venture
capital and private equity investors, with offices located in all
key innovative hubs across the United States. For more information
about PacWest, visit www.pacwestbancorp.com, or to learn more about
Pacific Western Bank, visit www.pacificwesternbank.com.
Contacts: Matthew P. WagnerChief Executive Officer(310) 887-8520
Don DestinoExecutive Vice President, Corporate Development and
Investor Relations(310) 887-8521
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