Pacific Western Bank, a wholly-owned subsidiary of PacWest Bancorp, has acquired Affinity Bank in a transaction assisted by the Federal Deposit Insurance Corporation (FDIC).
Under the terms of the transaction, Pacific Western Bank will acquire most of the assets, including all loans, and assume the insured and uninsured deposits, excluding certain brokered deposits.
According to PacWest Bancorp, customers of both the banks should continue to use their existing branches until Pacific Western can fully integrate the Affinity Bank systems with Pacific Western Bank. After this transition period, customers from Affinity Bank will gain access to Pacific Western’s 59 existing locations throughout Los Angeles, Orange, Riverside, San Bernardino and San Diego Counties.
Pacific Western is likely to work with Affinity Bank’s employees to identify potential job opportunities with Pacific Western Bank.
Matt Wagner, CEO of PacWest Bancorp and chairman and CEO of Pacific Western Bank, said: We welcome Affinity Bank customers to the Pacific Western Bank family. We look forward to providing the strength and service for which Pacific Western is known and ensuring new customers from Affinity Bank have the best possible banking products and services at their disposal.
