August 29, 2025 #1 Local News, Information and Event Source for the Century City/Westwood areas.

PacWest Bancorp Set to Merge with CapitalSource

PacWest
CapitalSource Bank branches will officially become Pacific Western Bank on April 14. (Image courtesy San Diego North Chamber of Commerce)

The acquisition of a Downtown Los Angeles bank by a Century City bank finally received the green light by the Federal Reserve board last week, meaning the reported merger of the PacWest Bancorp and CapitalSource Inc. will make the new venture the fourth largest local financial institution in the County.

According to PacWest, the Federal Reserve System’s Board of Governors announced it gave the bank regulatory approval to go forward with the merger and acquisition of CapitalSource.

The merger also received regulatory approvals from the California Dept. of Business Oversight and Federal Deposit Insurance Corp. (FDIC), according to reports.

With the Federal Reserve System’s regulatory approval last week, both banks moved to complete the merger by the end of business on April 7.

As a result of the merger, 12 of CapitalSource’s 21 branches will be shut down. The other nine will consolidate with PacWest, it was announced. Also, PacWest stated one of its overlapping Pacific Western branches would close April 11.

The remaining branches will re-open April 14 as Pacific Western Bank.

PacWest also announced all CapitalSource Bank systems will be integrated and converted to Pacific Western Bank’s operating platform between April 11 and April 14.

News reports indicate the merger means PacWest’s total assets would increase to $15.4 billion. Within Los Angeles County, only City National Bank, East West Bank, and One West Bank reportedly have more total assets.

The commercial banks announced plans to merge in July 2013. According to PacWest, the transaction was valued at about $2.3 billion when merger plans were announced last summer.

At the time of the July 2013 announcement, CapitalSource reported about $8.7 billion in assets. In December 2013, PacWest reported about $6.5 billion in total assets.

PacWest had operated 73 Pacific Western Bank branches across 10 counties within California prior to announcing its intentions to acquire CapitalSource and its CapitalSource Bank branches.

In a released statement, PacWest stated both institutions combined would rank as the sixth largest publicly owned bank and eighth largest commercial bank headquartered in California.

Other companies involved in the transaction included JP Morgan Securities (CapitalSource financial advisor), Wachtell, Lipton, Rosen & Katz (CapitalSource legal counsel), Jefferies LLC, Castle Creek Financial and Goldman Sachs & Co. (PacWest financial advisor), and Sullivan & Cromwell (PacWest legal counsel).

On Wall Street, PacWest (PACW) is traded on NASDAQ; CapitalSource was a New York Stock Exchange (NYSE) company.

PacWest is located at 10250 Constellation Boulevard, Suite 1640, in Century City.

Related Posts

Toxic Avenger Reboot Aims to Smash Box Office and Medical Debt on Labor Day Weekend

August 29, 2025

August 29, 2025

Film’s Release Comes With a Promise to Erase Millions in Medical Bills The upcoming release of The Toxic Avenger will...

Trump Says Beverly Hills Residents Leave Cars Open for Thieves, Locals Call It Nonsense

August 28, 2025

August 28, 2025

Officials and Residents Say Trump’s Crime Remarks Don’t Reflect Reality City officials and residents pushed back this week after former...

Beverly Hills Schools Halt Israeli Flag Display Despite School Board Vote

August 28, 2025

August 28, 2025

Superintendent Cites Safety Concerns After Narrow 3–2 Decision Despite a 3–2 Board of Education vote to display the Israeli flag...

Los Angeles County Public Health Probe Sparks Nationwide Egg Recall Over Salmonella

August 28, 2025

August 28, 2025

More Than 95 Cases Tied to Country Eggs in 14 States; Do Not Eat Affected Cartons Los Angeles Public health...

(Video) The Opening of Mr. Charlie’s with Santa Monica Mayor Lana Negrete

August 28, 2025

August 28, 2025

Vegan burger restaurant with brightly colored decor now open on 26th street across fromthe Brentwood Country Mart. The Opening of...

California Pizza Kitchen Debuts Heart-Shaped Pizza Celebrating Swift–Kelce

August 28, 2025

August 28, 2025

13 Days of Engagement Pizzas, and Return of Hot Honey Flavors California Pizza Kitchen is rolling out a series of...

Culver Hotel Celebrates 101 Years With 101 Anniversary Menu and Live Music

August 28, 2025

August 28, 2025

Guests Can Enjoy a Four-Course Meal, Nightly Performances, Trivia Contest The historic Culver Hotel is celebrating its 101st anniversary this...

Westside Chefs Shine at the Manhattan Beach Food & Wine Festival in September

August 27, 2025

August 27, 2025

South Bay’s Culinary Festival Returns With Two Nights of Food, Wine, and Music Santa Monica, Westchester, Los Angeles, and West...

(Video) Come Tour The Willows Community School!

August 27, 2025

August 27, 2025

Sign up for a tour at The Willows and come see what makes our school such a vibrant, inspiring place...

Jewish Clergy Rally in Los Angeles Urging Ceasefire, Hostage Release, and Food Aid for Gaza

August 27, 2025

August 27, 2025

Two Dozen Rabbis Gathered at Israeli Consulate, Hostage’s Family Appears at Second Rally Jewish clergy from across Los Angeles County...

Metro LA’s Aug. 30 Deadline for Public Comment on Sepulveda Transit Draft EIR Approaches

August 27, 2025

August 27, 2025

Community Members Can Weigh In Before the 90-Day Comment Period Closes. Metro is reminding community members that the 90-day public...

Beverly Hills, Brentwood, Culver City, and Uni High Gear Up for Early-Season Games

August 26, 2025

August 26, 2025

The Centaurs, Eagles, Normans, and Wildcats Face Key Matchups This Week Football season is heating up across our area, with...

I-405 to See Lane Reductions, Ramp Closures as Pavement Rehab Project Continues

August 26, 2025

August 26, 2025

Drivers Should Expect Delays With Overnight Work Aug. 26–28, Sept. 5 Motorists using Interstate 405 through the Sepulveda Pass should...

Kobe Day Tribute: Lakers Welcome UCLA Newborns With Purple-and-Gold Gifts

August 26, 2025

August 26, 2025

Babies Received Adorable Care Packages in Celebration of “Kobe Day.” Families welcoming newborns at UCLA Santa Monica Medical Center and...

Suspect Arrested After Eight-Hour SWAT Standoff in Jefferson Park Shooting

August 26, 2025

August 26, 2025

 Police Say a Man Was Killed and a Suspect Barricaded Himself Inside a Home Hours after a fatal shooting near...