PacWest Bancorp (PACW) said Friday that it has completed its acquisition of First California Financial Group, Inc. (FCAL).
As part of the acquisition, First California Bank, a subsidiary of First California, merged with and into PacWest's banking subsidiary, Pacific Western Bank.
The acquisition, which was first announced in November 2012, was concluded following receipt of shareholder approval from both institutions and all required regulatory approvals.
First California had $1.7 billion in assets as of March 31, 2013. As of March 31, 2013, on a pro forma consolidated basis with First California, PacWest would have had about $7.0 billion in assets.
In the merger with First California, each share of First California common stock was converted into the right to receive 0.2966 of a share of PacWest common stock.
Effective May 31, Joseph Cohen and Antoinette Hubenette, former directors of First California, have joined PacWest Bancorp's board of directors.The integration of First California Bank systems and the conversion of First California Bank's branches to Pacific Western Bank's operating platform are scheduled to be completed over the weekend of June 14.
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