First Cal­i­for­nia Fi­nan­cial Group ink merger deal

The Pak Banker - - Front Page -

LOS ANGELES

PacWest Ban­corp and First Cal­i­for­nia Fi­nan­cial Group to­day an­nounced the sign­ing of a de­fin­i­tive agree­ment and plan of merger whereby PacWest will ac­quire First Cal­i­for­nia for $8.00 per First Cal­i­for­nia com­mon share, or ap­prox­i­mately $231 mil­lion in ag­gre­gate con­sid­er­a­tion, payable in PacWest com­mon stock.

First Cal­i­for­nia, head­quar­tered in West­lake Vil­lage, Cal­i­for­nia, is the par­ent of First Cal­i­for­nia Bank and had ap­prox­i­mately $2.0 bil­lion in as­sets and 15 branches across Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Luis Obispo and Ven­tura Coun­ties at Septem­ber 30, 2012. In con­nec­tion with the ac­qui­si­tion, First Cal­i­for­nia Bank will be merged into Pa­cific Western Bank, the Los Angeles-based wholly-owned sub­sidiary of PacWest Ban­corp.

Di­rec­tors of PacWest and of First Cal­i­for­nia unan­i­mously ap­proved the trans­ac­tion. Two in­de­pen­dent di­rec­tors from the board of di­rec­tors of First Cal­i­for­nia will join PacWest’s board of di­rec­tors upon com­ple­tion of the ac­qui­si­tion.

The trans­ac­tion, cur­rently expected to close late in the first quar­ter of 2013, is sub­ject to cus­tom­ary con­di­tions, in­clud­ing the ap­proval of bank reg­u­la­tory au­thor­i­ties and the stock­hold­ers of both com­pa­nies. Stock­hold­ers of First Cal­i­for­nia, in­clud­ing all cur­rent di­rec­tors and cer­tain other stock­hold­ers, own­ing or con­trol­ling ap­prox­i­mately 22% in the ag­gre­gate of the cur­rently out­stand­ing shares of First Cal­i­for­nia, have agreed to vote in fa­vor of the trans­ac­tion.

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