Former Security Pacific Bank Branches Now Open for Business as Pacific Western Bank
10 Novembre 2008 - 3:00PM
PR Newswire (US)
SAN DIEGO, Nov. 10 /PRNewswire-FirstCall/ -- PacWest Bancorp
(NASDAQ: PACW) today announced its wholly-owned subsidiary Pacific
Western Bank has opened the four former Security Pacific Bank
branches in Southern California as Pacific Western Bank branches.
At the close of business on Friday, November 7, banking regulators
declared Security Pacific Bank insolvent and the Federal Deposit
Insurance Corporation (FDIC) was named receiver. Pacific Western
Bank in turn assumed approximately $427 million in Security Pacific
Bank deposits from the FDIC. Pacific Western assumed all insured
and uninsured deposits. Pacific Western paid a 2% premium of
approximately $4.8 million for the deposit base of $239 million,
which represents total deposits of approximately $427 million less
estimated brokered deposits of $188 million. These deposit amounts
are subject to adjustment following reconciliation with the FDIC.
The transaction gives Pacific Western approximately $3.6 billion in
deposits through 64 branches in Southern California, including the
former Security Pacific branches. Former customers of Security
Pacific Bank and Pacific Western Bank customers should continue to
use their existing branches until Pacific Western can fully
integrate onto its systems the deposit records of Security Pacific
Bank. After this transition period, former Security Pacific Bank
customers will gain access to Pacific Western's 60 existing
locations throughout Los Angeles, Orange, Riverside, San Bernardino
and San Diego Counties. ABOUT PACWEST BANCORP PacWest Bancorp is a
bank holding company with $4.4 billion in assets as of September
30, 2008, with one wholly-owned banking subsidiary, Pacific Western
Bank. On a pro forma basis, including the deposits of Security
Pacific Bank acquired on November 7, 2008, PacWest has
approximately $4.8 billion in assets as of September 30, 2008.
Through 60 full-service community banking branches and 4 branches
of the former Security Pacific Bank, Pacific Western provides
commercial banking services, including real estate, construction
and commercial loans, to small and medium-sized businesses. Pacific
Western's branches are located in Los Angeles, Orange, Riverside,
San Diego and San Bernardino Counties. Through its subsidiary BFI
Business Finance and its divisions First Community Financial and
Pacific Western SBA Lending, Pacific Western also provides working
capital financing to growing companies located throughout the
Southwest, primarily in the states of Arizona, California and
Texas. Additional information regarding PacWest Bancorp is
available on the Internet at http://www.pacwestbancorp.com/.
Information regarding Pacific Western Bank is also available on the
Internet at http://www.pacificwesternbank.com/. FORWARD-LOOKING
STATEMENTS This press release contains certain forward-looking
information about PacWest that is intended to be covered by the
safe harbor for "forward-looking statements" provided by the
Private Securities Litigation Reform Act of 1995. All statements
other than statements of historical fact are forward-looking
statements. Such statements involve inherent risks and
uncertainties, many of which are difficult to predict and are
generally beyond the control of the Company. We caution readers
that a number of important factors could cause actual results to
differ materially from those expressed in, implied or projected by,
such forward-looking statements. Risks and uncertainties include,
but are not limited to: planned investments, acquisitions and
related cost savings cannot be realized or realized within the
expected time frame; lower than expected revenues; credit quality
deterioration which could cause an increase in the allowance for
credit losses and a reduction in net earnings; increased
competitive pressure among depository institutions; the Company's
ability to complete announced investments, acquisitions, to
successfully integrate acquired entities or deposits, or to achieve
expected synergies and operating efficiencies within expected
time-frames or at all; the integration of acquired businesses costs
more, takes longer or is less successful than expected; the
possibility that personnel changes will not proceed as planned; the
cost of additional capital is more than expected; a change in the
interest rate environment reduces interest margins; asset/liability
repricing risks and liquidity risks; pending legal matters may take
longer or cost more to resolve or may be resolved adversely to the
Company; general economic conditions, either nationally or in the
market areas in which the Company does or anticipates doing
business, are less favorable than expected; environmental
conditions, including natural disasters, may disrupt our business,
impede our operations, negatively impact the values of collateral
securing the Company's loans or impair the ability of our borrowers
to support their debt obligations; the economic and regulatory
effects of the continuing war on terrorism and other events of war,
including the war in Iraq; legislative or regulatory requirements
or changes adversely affecting the Company's business; changes in
the securities markets; regulatory approvals for any acquisitions
cannot be obtained on the terms expected or on the anticipated
schedule; and, other risks that are described in PacWest's public
filings with the U.S. Securities and Exchange Commission (the
"SEC"). If any of these risks or uncertainties materializes or if
any of the assumptions underlying such forward-looking statements
proves to be incorrect, PacWest's results could differ materially
from those expressed in, implied or projected by such
forward-looking statements. PacWest assumes no obligation to update
such forward-looking statements. For a more complete discussion of
risks and uncertainties, investors and security holders are urged
to read PacWest Bancorp's annual report on Form 10-K, quarterly
reports on Form 10-Q and other reports filed by PacWest with the
SEC. The documents filed by PacWest with the SEC may be obtained at
PacWest Bancorp's website at http://www.pacwestbancorp.com/ or at
the SEC's website at http://www.sec.gov/. These documents may also
be obtained free of charge from PacWest by directing a request to:
PacWest Bancorp c/o Pacific Western Bank, 275 North Brea Boulevard,
Brea, CA 92821. Attention: Investor Relations. Telephone
714-671-6800. DATASOURCE: PacWest Bancorp CONTACT: Matt Wagner,
Chief Executive Officer, +1-310-728-1020, or Vic Santoro, Executive
Vice President and CFO, +1-310-728-1021, both of PacWest Bancorp,
fax, +1-310-201-0498 Web Site: http://www.pacificwesternbank.com/
http://www.pacwestbancorp.com/
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