PacWest Bancorp
| Public | |
| Traded as | NASDAQ: PACW |
| Industry | Banking, financial services |
| Founded | 1999 |
| Headquarters | Los Angeles, California, U.S. |
Area served | California, Arizona, Utah, and Texas |
| Products | consumer banking, corporate banking, mortgage loans |
Number of employees | 991 (2013) |
| Website |
pacwestbancorp |
PacWest Bancorp (NASDAQ: PACW) is a bank holding company based in Los Angeles, California, with one wholly owned banking subsidiary, Pacific Western Bank. PacWest Bancorp provides working capital and financing for equipment leasing. The company has two subsidiaries, BFI Business Finance and Celtic Capital Corporation, and several divisions, including First Community Financial and Pacific Western Equipment Finance. PacWest Bancorp operates mainly in Arizona, California, Texas, and Utah.
As of March 2015, Pacific Western had $16.2 billion in assets and 80 locations in California, primarily in the southern and central parts of the state.[1] Pacific Western has grown mostly by buying 20 other banks.[2]
Pacific Western Bank has acquired the deposits and other assets of other banking institutions which failed during the financial recession. In 2008, Pacific Western assumed the deposits and other assets of Security Pacific Bank of Los Angeles, CA.[3] In 2009, Pacific Western assumed the deposits and other assets of Affinity Bank, Ventura, CA.[4] In 2010, Pacific Western assumed the deposits and other assets of Los Padres Bank, Solvang, CA.[5]
In July 2013, PacWest announced it would acquire the commercial bank CapitalSource for around $2.29 billion.[6]
On March 2, 2015,[1] an $894 million merger was announced[2] with Square 1 Financial Inc., parent company of Durham, North Carolina-based Square 1 Bank.[7] The bank started in 2005 grew to 13 locations and $3.1 billion in assets. The merger would result in Pacific Western becoming California's sixth largest publicly traded bank.[1]
References
- 1 2 3 Ranii, David (March 2, 2015). "Square 1 Bank to be acquired". News & Observer.
- 1 2 Reckard, E. Scott; Dave, Paresh (March 4, 2015). "PacWest Bancorp to buy tech lender Square 1 Financial". Los Angeles Times. Retrieved March 31, 2015.
- ↑ "Pacific Western Bank Acquires All the Deposits of Security Pacific Bank, Los Angeles, California" (Press release). Federal Deposit Insurance Corporation (FDIC). November 7, 2008. Retrieved 2013-09-22.
- ↑ "Pacific Western Bank, San Diego, California, Assumes All of the Deposits of Affinity Bank, Ventura, California" (Press release). Federal Deposit Insurance Corporation (FDIC). August 28, 2009. Retrieved 2013-09-22.
- ↑ "Pacific Western Bank, San Diego, California, Assumes All of the Deposits of Los Padres Bank, Solvang, California" (Press release). Federal Deposit Insurance Corporation (FDIC). August 20, 2010. Retrieved 2013-09-22.
- ↑ Reuters (23 July 2013). "Deals of the day -- mergers and acquisitions". Reuters.
- ↑ "PacWest Bancorp buying financial services company Square 1 Financial for about $789M". Fox Business. Associated Press. March 2, 2015. Retrieved March 31, 2015.
External links