PacWest Bancorp – PACW – And First California Financial Group – FCAL – Agree to Merger

NASDAQ: PACW) and First California Financial Group, Inc. (NASDAQ: FCAL) announced the signing of a definitive agreement and plan of merger whereby PacWest will acquire First California for $8.00 per First California common share, or approximately $231 million in aggregate consideration, payable in PacWest common stock.

• PacWest to Pay $8.00 per Share for FCAL Common Stock or Approximately $231 Million in Aggregate to FCAL Stockholders
• Acquisition of First California to Add Nearly $2.0 Billion in Assets to PacWest
• Two Valuable Franchises Combine to Create the Eighth Largest Publicly-Owned Bank Headquartered in California

First California, headquartered in Westlake Village, California, is the parent of First California Bank and had approximately $2.0 billion in assets and 15 branches across Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Luis Obispo and Ventura Counties at September 30, 2012. In connection with the acquisition, First California Bank will be merged into Pacific Western Bank, the Los Angeles-based wholly-owned subsidiary of PacWest Bancorp.

Directors of PacWest and of First California unanimously approved the transaction. Two independent directors from the board of directors of First California will join PacWest’s board of directors upon completion of the acquisition.

About Pacwest Bancorp  – PACW

PacWest Bancorp is a bank holding company with $5.5 billion in assets as of September 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.

About First California Financial Group, Inc. – FCAL

First California Financial Group, Inc. (FCAL) is the holding company of First California Bank. Founded in 1979 and with nearly $2 billion in assets, FCAL serves the comprehensive financial needs of small- and middle-sized businesses and high net worth individuals throughout Southern California. Led by an experienced team of bankers, FCAL is committed to providing the best client service available in its markets, offering a full line of quality commercial banking products through 15 full-service branch offices in Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Luis Obispo and Ventura counties.

More Posts by this author

• Market Update After Hours November 9
• Stocks End at Session Lows on Fiscal Cliff Worries
• Gold Prices Edge Higher; Silver Prices also Gain
• Stocks Headed for a Second Straight Lower Finish on Fiscal Cliff Worries
• Stocks Turn Lower in Mid-Day Trading
• NxStage® Medical – NXTM – Continue to deliver double digit growth
• Aeroflex – ARX – Announces First Quarter Fiscal 2013 Results

Post Written By: Ed Liston Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.