PacWest Bancorp (PACW) and Irvine-based Opus Bank jointly announced that PacWest's wholly-owned subsidiary, Pacific Western Bank, and Opus Bank inked a definitive agreement whereby Pacific Western Bank will sell ten branches to Opus Bank.
The transaction will result in the transfer of deposits to Opus Bank in exchange for a blended deposit premium of 2.5% applied to the deposit balances transferred at closing. At present, the deposits of the offices to be sold total around $145 million.
Although certain other immaterial assets related to the branches will be included in the transaction, no loans will be transferred. The transaction is expected to be completed before the end of 2012.
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