PacWest to buy First California for $231M
Los Angeles-based PacWest Bancorp is buying First California Financial Group for $231 million in an all-stock deal. At $8 per share, PacWest’s price represents an 18.5 percent premium over First California’s share price at the close on Nov. 6. The deal also comes after months of tense negotiations between the rival banks. PacWest offered $7.25 Read More →
PacWest closes American Perspective deal
PacWest Bancorp has wrapped up its $58.1 million acquisition of San Luis Obispo-based American Perspective Bank. The deal adds two branches, a loan production office and about $271 million in assets to Los Angeles-based PacWest’s portfolio and expands its reach up the Central Coast. The deal, first announced in April, trumped an earlier offer for Read More →
Banks lead region’s stocks at midyear
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First California faces more shareholder dissent
Investors who own 5.4 percent of First California Financial Group’s shares have joined the ranks of disgruntled stockholders after the bank snubbed a buyout offer from Los Angeles-based PacWest Bancorp. A letter dated May 23 from Loeb Offshore Management out of New York came through in the bank’s regulatory filings on May 29. Addressing Westlake Read More →
