Daily News: October 14, 2013

Pacific Trust Bank Completes Sale of Branches

Banc of California, the multi-bank holding company for Pacific Trust Bank and The Private Bank of California, announced that Pacific Trust Bank completed its previously announced sale of eight legacy branches located in San Diego, Riverside and Los Angeles Counties to AmericanWest Bank, a Washington state chartered bank.

Bank of California CEO Steven Sugarman said, “This sale reshapes PacTrust Bank’s retail branch network to focus on serving small- to mid-sized businesses and high net worth families throughout Los Angeles, Orange and San Diego counties and AmericanWest Bank is gaining an outstanding group of employees and customers.”

The following PacTrust Bank branches were sold in the transaction: Riverside (2 branches) and Temecula (1 branch), located in Riverside County, CA; Chula Vista (2 branches), El Cajon (1 branch) and San Diego/Clairemont (1 branch), located in San Diego County, CA; and Lakewood (1 branch), located in Los Angeles County, CA.

The transaction resulted in a transfer of approximately $464 million worth of deposits to AmericanWest Bank. Certain other assets related to the branches were also acquired as a part of the transaction including the sale of the real estate for three of the branch locations and certain home equity lines of credit related to some of the deposit accounts.