SAN DIEGO, Aug. 20 /PRNewswire-FirstCall/ -- PacWest Bancorp
(Nasdaq: PACW) today announced that its wholly-owned subsidiary
Pacific Western Bank purchased certain assets and assumed
substantially all the liabilities of Solvang, CA-based Los Padres Bank ("Los
Padres") from the Federal Deposit Insurance Corporation as Receiver
of Los Padres ("FDIC"). As part of this transaction, Pacific
Western and the FDIC entered into a loss sharing agreement covering
future losses incurred on loans and foreclosed loan collateral.
Under the terms of the loss sharing agreement, the FDIC will absorb
80 percent of losses and share in 80 percent of loss
recoveries.
Under the terms of the transaction, Pacific Western Bank will
acquire certain assets, including all loans, and assume all
deposits. At June 30, 2010, the
latest date for which public information is available, Los Padres
Bank had $870 million in assets,
$534 million in loans and
$771 million in deposits. Los Padres
Bank operated 11 branches in California and 3 branches in Arizona. The California branches include
3 in Ventura County, 5 in
Santa Barbara County and 4 in
San Luis Obispo County,
California; the three Arizona branches are in Maricopa County. Also included in the
acquisition was the Harrington Wealth Management subsidiary of Los
Padres Bank, headquartered in Fishers,
Indiana, which provides trust and investment management
services to individuals and institutional clients.
Matt Wagner, CEO of PacWest
Bancorp and chairman and CEO of Pacific Western Bank, commented,
"We welcome Los Padres Bank customers to the Pacific Western Bank
family. We look forward to serving them with the best
possible banking products, and providing them with the safety,
strength, customer service and convenience for which Pacific
Western is known."
Mr. Wagner continued, "Los Padres Bank is a great fit for
Pacific Western Bank. Our branch network, including the Los
Padres branches, will now include 82 branches, with 79 in
California extending from
San Diego County in the south to
San Luis Obispo County in the
north. Combined with our three branches in Northern California and the three Los Padres
branches in Arizona, we have
significant coverage across some of the best banking geography in
the country. Pacific Western has always focused on financial
strength, relationships and service. We look forward to
supporting our new customers as Pacific Western Bank
customers."
Los Padres Bank branches located in California and Arizona will reopen on Monday, August 23 as branches of Pacific Western
Bank.
Customers of both banks should continue to use their existing
branches until Pacific Western can fully integrate the Los Padres
Bank systems with Pacific Western Bank. After this transition
period, customers from Los Padres Bank will gain access to Pacific
Western's 68 existing locations throughout Los Angeles, Orange, Riverside, San
Bernardino, San Diego and
Ventura Counties.
ABOUT PACWEST BANCORP
PacWest Bancorp is a bank holding company with $5.2 billion in assets as of June 30, 2010, with one wholly-owned banking
subsidiary, Pacific Western Bank. Through 68 full-service community
banking branches and 14 branches of the former Los Padres Bank,
Pacific Western provides commercial banking services, including
real estate, construction and commercial loans, to small and
medium-sized businesses. Pacific Western's branches are located in
Los Angeles, Orange, Riverside, San
Bernardino, San Diego,
San Francisco, San Mateo, and Ventura Counties. Former Los Padres Bank
branches are also located in San Luis
Obispo, Santa Barbara and
Ventura Counties in California and Maricopa County in Arizona. Through its subsidiary BFI Business
Finance and its division First Community Financial, Pacific Western
also provides working capital financing to growing companies
located throughout the Southwest, primarily in the states of
Arizona, California and Texas. Additional information regarding
PacWest Bancorp is available on the Internet at
www.pacwestbancorp.com. Information regarding Pacific Western Bank
is also available on the Internet at
www.pacificwesternbank.com.
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking information
about PacWest that is intended to be covered by the safe harbor for
"forward-looking statements" provided by the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact are forward-looking statements. Such statements
involve inherent risks and uncertainties, many of which are
difficult to predict and are generally beyond the control of the
Company. We caution readers that a number of important factors
could cause actual results to differ materially from those
expressed in, implied or projected by, such forward-looking
statements. Risks and uncertainties include, but are not limited
to: planned investments, acquisitions and related cost savings
cannot be realized or realized within the expected time frame;
lower than expected revenues; credit quality deterioration which
could cause an increase in the allowance for credit losses and a
reduction in net earnings; increased competitive pressure among
depository institutions; the Company's ability to complete
announced investments, acquisitions, to successfully integrate
acquired entities or deposits, or to achieve expected synergies and
operating efficiencies within expected time-frames or at all; the
integration of acquired businesses costs more, takes longer or is
less successful than expected; the possibility that personnel
changes will not proceed as planned; the cost of additional capital
is more than expected; a change in the interest rate environment
reduces interest margins; asset/liability repricing risks and
liquidity risks; pending legal matters may take longer or cost more
to resolve or may be resolved adversely to the Company; general
economic conditions, either nationally or in the market areas in
which the Company does or anticipates doing business, are less
favorable than expected; environmental conditions, including
natural disasters, may disrupt our business, impede our operations,
negatively impact the values of collateral securing the Company's
loans or impair the ability of our borrowers to support their debt
obligations; the economic and regulatory effects of the continuing
war on terrorism and other events of war, including the war in
Iraq; legislative or regulatory
requirements or changes adversely affecting the Company's business;
changes in the securities markets; regulatory approvals for any
acquisitions cannot be obtained on the terms expected or on the
anticipated schedule; and, other risks that are described in
PacWest's public filings with the U.S. Securities and Exchange
Commission (the "SEC"). If any of these risks or uncertainties
materializes or if any of the assumptions underlying such
forward-looking statements proves to be incorrect, PacWest's
results could differ materially from those expressed in, implied or
projected by such forward-looking statements. PacWest assumes no
obligation to update such forward-looking statements.
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 information:
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Matt Wagner, Chief Executive
Officer, (310) 728-1020
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Vic Santoro, Executive Vice
President and CFO, (310) 728-1021
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SOURCE PacWest Bancorp
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