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News Breaks | | | | September 24, 2012 | | 07:09 EDT |  | PACW | PacWest Bank completes previously announced sale of 10 branches to Opus Bank
PacWest Bancorp announced that its wholly-owned subsidiary Pacific Western Bank completed today its previously announced sale of 10 branches to Opus Bank. Pacific Western continues to operate 66 branches throughout California. Under the terms of the transaction, Pacific Western transferred an aggregate of $125.1M of deposits to Opus Bank in exchange for a blended deposit premium of 2.5%. The sale is not expected to result in any material gain or loss. The deposits transferred represent approximately 3% of Pacific Western Bank's total deposits at June 30, 2012. Although certain real property and other assets related to the branches were included in the transaction, no loans, other than overdraft lines tied to deposits, were transferred. Pacific Western estimates annual cost savings of approximately $2M as a result of the transaction. The ten sold branches will re-open on Monday, Sept. 24 as branches of Opus Bank. Former employees of Pacific Western Bank at the sold branches have joined Opus Bank as branch employees. | |
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