Banc of California signed a definitive merger agreement with PacWest Bancorp. The combined holding company and bank will operate under the Banc of California name and brand following closing of the transaction.
Ares Management completed the acquisition of a $3.5 billion specialty finance loan portfolio from PacWest Bancorp. Barclays provided exclusive financing to Ares on the transaction.
PacWest Bancorp hired Angela Kelley as executive vice president, general counsel and corporate secretary. She also will serve as the executive vice president and general counsel for Pacific Western Bank, the wholly-owned banking subsidiary of PacWest Bancorp.
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.
PacWest Bancorp announced that Victor R. Santoro intends to retire from his position as chief financial officer in mid-August 2015. Patrick J. Rusnak will assume the roles of executive vice president and CFO.
Celtic Capital announced that management has reacquired Celtic from PacWest Bancorp. CEO Mark Hafner said it was an optimal time to reacquire and recapitalize Celtic as a private entity.
This issue’s FinalCut presents a whimsical rendering of the merger of PacWest Bancorp and CapitalSource and MB Financial’s acquisition of Taylor Capital.