PacWest Bancorp completed its merger with CU Bancorp. California United Bank, a wholly-owned subsidiary of CUB, was merged with and into PacWest’s banking subsidiary, Pacific Western Bank.
Matt Wagner, CEO of PacWest and Pacific Western Bank, stated, “We believe the CUB acquisition significantly enhances our Southern California community bank franchise with the addition of $2.7 billion of core deposits, a high-quality loan portfolio totaling $2.1 billion and a team of very experienced bankers.”
Under the terms of the agreement and plan of merger, each CUB common share, except dissenting shares, and each restricted stock award was converted into the right to receive 0.5308 of a share of PacWest common stock and $12.00 in cash, and each outstanding CUB stock option will be settled in cash. PacWest is issuing an aggregate of approximately 9.3 million shares of PacWest common stock and paying approximately $224 million in cash to CUB common shareholders and equity award holders.
PacWest Bancorp is a bank holding company with more than $25 billion in assets with one wholly-owned banking subsidiary, Pacific Western Bank. Pacific Western provides commercial banking services, including commercial loans and deposit and treasury management services to small and medium-sized businesses. Pacific Western offers additional products and services under the brands of its business divisions, CapitalSource and Square 1 Bank.