Pacific Western Bank Completes Previously Announced Sale of 10 Branches to Opus Bank
24 September 2012 - 1:00PM
—$125.1 million in deposits
sold— —$2.0 million in expected annual cost
savings for Pacific Western—
PacWest Bancorp (Nasdaq:PACW) announced that its wholly-owned
subsidiary Pacific Western Bank completed today its previously
announced sale of 10 branches to Opus Bank. Pacific Western
continues to operate 66 branches throughout California.
The branches sold to Opus Bank are located in the cities of:
- Encino, Los Angeles (Westwood), Monrovia and South Pasadena,
located in Los Angeles County, California;
- Chino and Twentynine Palms, located in San Bernardino County,
California;
- La Quinta, located in Riverside County, California; and
- Carlsbad, El Cajon and La Mesa, located in San Diego County,
California.
Under the terms of the transaction, Pacific Western transferred
an aggregate of $125.1 million of deposits to Opus Bank in exchange
for a blended deposit premium of 2.5%. The sale is not expected to
result in any material gain or loss. The deposits transferred
represent approximately 3% of Pacific Western Bank's total deposits
at June 30, 2012. Although certain real property and other
assets related to the branches were included in the transaction, no
loans, other than overdraft lines tied to deposits, were
transferred. Pacific Western estimates annual cost savings of
approximately $2.0 million as a result of the transaction.
The ten sold branches will re-open on Monday, September 24, 2012
as branches of Opus Bank. Former employees of Pacific Western
Bank at the sold branches have joined Opus Bank as branch
employees.
ABOUT PACWEST BANCORP
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, Pacific Western Bank ("Pacific Western").
Through 66 full-service community banking branches, 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 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, Pacific Western
also provides working capital financing and equipment leasing to
growing companies located throughout the United States, with a
focus on the Southwestern U.S., primarily in Arizona, California,
Utah 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: 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.
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: Matt Wagner, Chief Executive Officer
(310) 728-1020
Vic Santoro, Executive Vice President and CFO
(310) 728-1021
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