Daily News: July 24, 2014

Celtic Capital Reacquired from PacWest Bancorp

Effective July 11, 2014, Mark Hafner, president and chief executive Officer, and Alexander P. Falo, executive vice president and chief credit officer announced that management has reacquired Celtic Capital from PacWest Bancorp. The decision to return to its roots as a privately held company was one supported by PacWest management and lauded by industry insiders.

According to Mark Hafner, “While we had a great relationship with our parent, we felt this was an optimal time to reacquire and recapitalize Celtic Capital as a private entity. This transition not only enables us to continue our long-standing history of supporting small businesses and to more aggressively expand the scope of our client base, it’s seamless for our current clients and sources of referral.”