Based on the agreement, First California Bank has merged with and into Pacific Western Bank, while integration and systems conversion has been scheduled on 14 June 2013.
Originally inked on 6 November 2012, the transaction has been completed after shareholders’ approval of the both firms as well as receipt of concerned regulatory agencies.
The integrated financial company on a pro forma consolidated basis will have nearly $7bn in assets as of 31 March 2013.
Each share of First California common stock was converted into the right to receive 0.2966 of a share of PacWest common stock, as per terms of the merger.
First California former directors Joseph Cohen and Antoinette Hubenette have joined PacWest Bancorp’s board of directors, effective from 31 May 2013.
Keefe, Bruyette & Woods, served as financial advisor to First California and delivered a fairness opinion to the board of directors of the company, while Skadden, Arps, Slate, Meagher & Flom served as legal counsel.
PacWest received financial advice from Castle Creek Financial, and Wachtell, Lipton, Rosen & Katz served as legal counsel to the company.
