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. Pacific Western has grown mostly by buying 20 other banks.
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. In 2009, Pacific Western assumed the deposits and other assets of Affinity Bank, Ventura, CA. In 2010, Pacific Western assumed the deposits and other assets of Los Padres Bank, Solvang, CA.
In July 2013, PacWest announced it would acquire the commercial bank CapitalSource for around $2.29 billion.
On March 2, 2015, an $894 million merger was announced with Square 1 Financial Inc., parent company of Durham, North Carolina-based Square 1 Bank. 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.
References
External links
- Pacific Western Bank website
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