- All Insured and Uninsured deposits will be Protected in the Transaction - SAN DIEGO, Nov. 7
SAN DIEGO, Nov. 7 /PRNewswire-FirstCall/ -- PacWest Bancorp (Nasdaq: PACW)
today announced that its wholly-owned subsidiary Pacific Western Bank will
assume the deposits, including all uninsured deposits, of Los Angeles-based
Security Pacific Bank. At the close of business on November 7, banking
regulators declared Security Pacific Bank insolvent and the Federal Deposit
Insurance Corporation was named receiver. The FDIC approved the assumption of
all deposits by Pacific Western Bank. The FDIC will retain substantially all
of Security Pacific Bank's loan portfolio for later disposition.
Matt Wagner, CEO of PacWest Bancorp and chairman and CEO of Pacific
Western Bank, commented, "We welcome Security Pacific Bank deposit customers
to the Pacific Western Bank family. We look forward to serving them with our
service and product offerings, and providing them with the safety, strength
and convenience of Pacific Western."
Mr. Wagner continued, "As a bank focused on financial strength,
relationships and service, we look forward to getting to know our new
customers from Security Pacific Bank and ensuring they have the best possible
banking products and services at their disposal. We know that strong banking
makes for strong communities, and we are delighted that we are able to support
these customers as Pacific Western Bank customers going forward."
Pacific Western will provide banking services to Security Pacific Bank's
former customers, and will operate Security Pacific Bank's four branches
beginning Monday, November 10, under the Pacific Western Bank name. Customers
of both banks should continue to use their existing branches until Pacific
Western can fully integrate the deposit records of Security Pacific Bank.
After this transition period, Security Pacific Bank's customers will gain
access to Pacific Western's 60 existing locations throughout Los Angeles,
Orange, Riverside, San Bernardino and San Diego Counties.
Pacific Western will work with Security Pacific Bank's employees to
identify potential job opportunities with Pacific Western Bank.
ABOUT PACWEST BANCORP
PacWest Bancorp is a bank holding company with $4.4 billion in assets as
of September 30, 2008, with one wholly-owned banking subsidiary, Pacific
Western Bank. Through 60 full-service community banking branches and 4
branches of the former Security Pacific Bank, Pacific Western provides
commercial banking services, including real estate, construction and
commercial loans, to small and medium-sized businesses. Pacific Western's
branches are located in Los Angeles, Orange, Riverside, San Diego and San
Bernardino Counties. Through its subsidiary BFI Business Finance and its
divisions First Community Financial and Pacific Western SBA Lending, Pacific
Western also provides working capital financing to growing companies located
throughout the Southwest, primarily in the states of Arizona, California and
Texas. Additional information regarding PacWest Bancorp is available on the
Internet at http://www.pacwestbancorp.com. Information regarding Pacific
Western Bank is also available on the Internet at
http://www.pacificwesternbank.com.
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking information about
PacWest that is intended to be covered by the safe harbor for "forward-looking
statements" provided by the Private Securities Litigation Reform Act of 1995.
All statements other than statements of historical fact are forward-looking
statements. Such statements involve inherent risks and uncertainties, many of
which are difficult to predict and are generally beyond the control of the
Company. We caution readers that a number of important factors could cause
actual results to differ materially from those expressed in, implied or
projected by, such forward-looking statements. Risks and uncertainties
include, but are not limited to: planned investments, acquisitions and related
cost savings cannot be realized or realized within the expected time frame;
lower than expected revenues; credit quality deterioration which could cause
an increase in the allowance for credit losses and a reduction in net
earnings; increased competitive pressure among depository institutions; the
Company's ability to complete announced investments, acquisitions, to
successfully integrate acquired entities or deposits, or to achieve expected
synergies and operating efficiencies within expected time-frames or at all;
the integration of acquired businesses costs more, takes longer or is less
successful than expected; the possibility that personnel changes will not
proceed as planned; the cost of additional capital is more than expected; a
change in the interest rate environment reduces interest margins;
asset/liability repricing risks and liquidity risks; pending legal matters may
take longer or cost more to resolve or may be resolved adversely to the
Company; general economic conditions, either nationally or in the market areas
in which the Company does or anticipates doing business, are less favorable
than expected; environmental conditions, including natural disasters, may
disrupt our business, impede our operations, negatively impact the values of
collateral securing the Company's loans or impair the ability of our borrowers
to support their debt obligations; the economic and regulatory effects of the
continuing war on terrorism and other events of war, including the war in
Iraq; legislative or regulatory requirements or changes adversely affecting
the Company's business; changes in the securities markets; regulatory
approvals for any acquisitions cannot be obtained on the terms expected or on
the anticipated schedule; and, other risks that are described in PacWest's
public filings with the U.S. Securities and Exchange Commission (the "SEC").
If any of these risks or uncertainties materializes or if any of the
assumptions underlying such forward-looking statements proves to be incorrect,
PacWest's results could differ materially from those expressed in, implied or
projected by such forward-looking statements. PacWest assumes no obligation to
update such forward-looking statements.
For a more complete discussion of risks and uncertainties, investors and
security holders are urged to read PacWest Bancorp's annual report on Form 10-
K, quarterly reports on Form 10-Q and other reports filed by PacWest with the
SEC. The documents filed by PacWest with the SEC may be obtained at PacWest
Bancorp's website at http://www.pacwestbancorp.com or at the SEC's website at
http://www.sec.gov. These documents may also be obtained free of charge from
PacWest by directing a request to: PacWest Bancorp c/o Pacific Western Bank,
275 North Brea Boulevard, Brea, CA 92821. Attention: Investor Relations.
Telephone 714-671-6800.
Contact information:
Matt Wagner, Chief Executive Officer, (310) 728-1020
Vic Santoro, Executive Vice President and CFO, (310) 728-1021
SOURCE PacWest Bancorp
