PacWest Bancorp and CU Bancorp Announce Receipt of Final Regulatory Approvals
07 October 2017 - 9:08AM
PacWest Bancorp (NASDAQ:PACW) (“PacWest”) and CU Bancorp
(NASDAQ:CUNB) (“CUB”) today announced that all required regulatory
approvals for the mergers of CUB into PacWest and California United
Bank into Pacific Western Bank have been received. Subject to
the satisfaction of the remaining closing conditions, the mergers
are expected to be consummated at the close of business on October
20, 2017.
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements
that are intended to be covered by the safe harbor for
“forward-looking statements” provided by the Private Securities
Litigation Reform Act of 1995. Although these forward-looking
statements reflect PacWest’s current expectations with respect to
the timing of closing of the mergers, no assurances can be given
that the mergers will be completed on the date indicated above.
ABOUT PACWEST
PacWest Bancorp (“PacWest”) is a bank holding company with over
$22 billion in assets with one wholly-owned banking subsidiary,
Pacific Western Bank (“Pacific Western”). Pacific Western has
74 full-service branches located throughout the state of California
and one branch in Durham, North Carolina. Pacific Western
provides commercial banking services, including real estate,
construction, and commercial loans, and comprehensive deposit and
treasury management services to small and medium-sized businesses.
Pacific Western offers additional products and services under the
brands of its business divisions, CapitalSource and Square 1 Bank.
The CapitalSource Division provides cash flow, asset-based,
equipment and real estate loans, as well as treasury management
services to middle market businesses on a national basis. The
Square 1 Bank Division offers a comprehensive suite of financial
services focused on entrepreneurial businesses and their venture
capital and private equity investors, with offices located in all
key innovative hubs across the United States. For more information
about PacWest, visit www.pacwestbancorp.com, or to learn more about
Pacific Western Bank, visit www.pacificwesternbank.com.
ABOUT CU BANCORP
CU Bancorp is the parent of California United Bank (“CU Bank”).
Founded in 2005, CU Bank provides a full range of financial
services, including credit and deposit products, cash management,
and internet banking to businesses, non-profits, entrepreneurs,
professionals and investors throughout Southern California from its
headquarters office in downtown Los Angeles and additional
full-service offices in the San Fernando Valley, the Santa Clarita
Valley, the Conejo Valley, Los Angeles, South Bay, Orange County
and the Inland Empire. CU Bank is an SBA Preferred Lender. To view
CU Bancorp’s most recent financial information, please visit the
Investor Relations section of the Company’s Website at
www.cubancorp.com. Information on products and services may be
obtained by calling 818-257-7700 or visiting CU Bank’s website at
www.cunb.com.
PacWest
Bancorp9701 Wilshire Boulevard, Suite 700Beverly Hills, CA
90212 |
CU
Bancorp818 W. 7th Street, Suite 220Los Angeles, CA 90017 |
Contacts:
Matthew P. WagnerChief Executive Officer(310) 887-8520Don
DestinoExecutive Vice President, Corporate Development and Investor
Relations(310) 887-8521 |
Contacts:
David I. RainerChairman and Chief Executive Officer(213)
430-7070 |
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