PacWest Bancorp and CU Bancorp Agree to Merge
PacWest Bancorp (PACW)
Last pacwest bancorp earnings: 4/21 07:00 am
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Source: GlobeNewswire
CU Bancorp Shareholders Will Receive at Closing 0.5308 Shares of PacWest Common Stock and $12.00 in Cash for Each Share of CU Bancorp Transaction Valued at Approximately $705 Million LOS ANGELES, April 06, 2017 (GLOBE NEWSWIRE) -- PacWest Bancorp (Nasdaq:PACW) (“PacWest”) and CU Bancorp (Nasdaq:CUNB) (“CU Bancorp”) today announced the signing of a definitive agreement and plan of merger (the “Agreement”) whereby PacWest will acquire CU Bancorp in a transaction valued at approximately $705 million. CU Bancorp, headquartered in Los Angeles, CA, is the parent of California United Bank, a California state-chartered non-member bank, with approximately $3.0 billion in assets and nine branches located in Los Angeles, Orange, Ventura and San Bernardino counties at December 31, 2016. In connection with the transaction, California United Bank will be merged into Pacific Western Bank, the principal operating subsidiary of PacWest Bancorp. The transaction, which was approved by the PacWest
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