PacWest Bancorp Announces the Completion of Pacific Western Bank's Acquisition of American Perspective Bank
01 August 2012 - 10:15PM
-- Acquisition adds 2
branches, a loan production office, and approximately $271 million
in assets in the Central Coast Region of California --
-- American Perspective Bank
merged into Pacific Western Bank --
PacWest Bancorp (Nasdaq:PACW) ("PacWest") today announced that
PacWest's wholly owned subsidiary, Pacific Western Bank ("PWB"),
completed the acquisition of American Perspective Bank (OTCBB:APBA)
("APB") for $58.1 million in cash, or $13.00 for each of APB's
common shares outstanding. The acquisition, which was first
announced on April 30, 2012, was concluded following receipt of APB
shareholder approval and all required regulatory
approvals. APB had $271 million in assets as of June 30,
2012. Following an upcoming systems conversion and operating
platform integration for APB accounts scheduled for September, PWB
will merge its Santa Maria and San Luis Obispo branches into the
APB facilities in the same towns, thereby increasing its Central
Coast market presence in an efficient manner. In addition, PWB
is in the process of opening a new branch in Paso Robles,
California, where APB maintained a loan production office.
Matt Wagner, Chief Executive Officer of PacWest, commented, "We
look forward to further increasing our market share in the Central
Coast Region of California. Pacific Western Bank has retained
Thomas R. Strait, American Perspective Bank's Chief Banking
Officer, to lead its marketing efforts in San Luis Obispo County
and northern Santa Barbara County. Mr. Strait will report to
Lynda Nahra, President of Pacific Western Bank's Central Coast
Region and a veteran Central Coast banker." Mr. Wagner then
added, "We welcome the clients of American Perspective Bank to the
Pacific Western Bank family. Those customers will soon have
access to a much larger branch network, more ATMs, and the greater
product set available through Pacific Western Bank."
Vic Santoro, PacWest's Chief Financial Officer, stated,
"Shareholders of American Perspective Bank holding their shares
electronically will receive the $13.00 per share in the next
several days. Shareholders with paper stock certificates will
soon receive a Transmittal Package from Registrar and Transfer
Company, which we have hired as Exchange Agent. The
Transmittal Package will explain how to redeem American Perspective
Bank stock certificates for the $13.00 per share cash payment."
Former customers of American Perspective Bank and Pacific
Western Bank customers should continue to use their existing
branches until Pacific Western can fully integrate the systems of
American Perspective Bank with the Pacific Western Bank
network. After this transition period, former
American Perspective Bank customers will gain access to Pacific
Western's 76 existing locations throughout Los Angeles, Orange,
Riverside, San Bernardino, Santa Barbara, San Diego, San Francisco,
San Luis Obispo, San Mateo, and Ventura Counties.
ABOUT PACWEST BANCORP
PacWest is a bank holding company with $5.3 billion in assets as
of June 30, 2012, with one wholly-owned banking subsidiary, PWB.
Through 76 full-service community banking branches PWB,
excluding the two recently acquired branches of American
Perspective Bank which are expected to be integrated in September
2012, we provide commercial banking services, including real
estate, construction, and commercial loans, to small and
medium-sized businesses. PWB's branches are located
throughout California in Los Angeles, Orange, Riverside, San
Bernardino, Santa Barbara, San Diego, San Francisco, San Luis
Obispo, San Mateo, and Ventura Counties. Through its
subsidiaries, BFI Business Finance and Celtic Capital Corporation,
and its divisions, First Community Financial and Pacific Western
Equipment Finance, PWB also provides working capital financing and
equipment leasing to growing companies located throughout the
United States, with a focus on the Southwest, primarily in Arizona,
California, Utah, and Texas. Additional information regarding
PacWest is available on the Internet at www.pacwestbancorp.com.
Information regarding PWB is also available on the Internet at
www.pacificwesternbank.com.
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking information
about PacWest Bancorp 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: failure to obtain regulatory or other required approvals; an
inability to achieve expected cost savings in the amounts or
timeframes discussed if at all, or the costs associated with the
transaction or the time needed to complete the transaction being
greater than expected; 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.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
For a more complete discussion of risks and uncertainties,
investors and security holders are urged to read PacWest'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'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
PacWest Bancorp (NASDAQ:PACW)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
PacWest Bancorp (NASDAQ:PACW)
Historical Stock Chart
Von Jul 2023 bis Jul 2024