06/10/2017 23:08:51

PacWest Bancorp and CU Bancorp Announce Receipt of Final Regulatory Approvals

LOS ANGELES, Oct. 06, 2017 (GLOBE NEWSWIRE) -- PacWest Bancorp (NASDAQ:PACW) (“PacWest”) and CU Bancorp (NASDAQ:CUNB) (“CUB”) today announced that all required regulatory approvals for the mergers of CUB into PacWest and California United Bank into Pacific Western Bank have been received.  Subject to the satisfaction of the remaining closing conditions, the mergers are expected to be consummated at the close of business on October 20, 2017. 

FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking statements that are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995.  Although these forward-looking statements reflect PacWest’s current expectations with respect to the timing of closing of the mergers, no assurances can be given that the mergers will be completed on the date indicated above.

ABOUT PACWEST

PacWest Bancorp (“PacWest”) is a bank holding company with over $22 billion in assets with one wholly-owned banking subsidiary, Pacific Western Bank (“Pacific Western”).  Pacific Western has 74 full-service branches located throughout the state of California and one branch in Durham, North Carolina.  Pacific Western provides commercial banking services, including real estate, construction, and commercial loans, and comprehensive deposit and treasury management services to small and medium-sized businesses. Pacific Western offers additional products and services under the brands of its business divisions, CapitalSource and Square 1 Bank.  The CapitalSource Division provides cash flow, asset-based, equipment and real estate loans, as well as treasury management services to middle market businesses on a national basis. The Square 1 Bank Division offers a comprehensive suite of financial services focused on entrepreneurial businesses and their venture capital and private equity investors, with offices located in all key innovative hubs across the United States. For more information about PacWest, visit www.pacwestbancorp.com, or to learn more about Pacific Western Bank, visit www.pacificwesternbank.com.

ABOUT CU BANCORP

CU Bancorp is the parent of California United Bank (“CU Bank”). Founded in 2005, CU Bank provides a full range of financial services, including credit and deposit products, cash management, and internet banking to businesses, non-profits, entrepreneurs, professionals and investors throughout Southern California from its headquarters office in downtown Los Angeles and additional full-service offices in the San Fernando Valley, the Santa Clarita Valley, the Conejo Valley, Los Angeles, South Bay, Orange County and the Inland Empire. CU Bank is an SBA Preferred Lender. To view CU Bancorp’s most recent financial information, please visit the Investor Relations section of the Company’s Website at www.cubancorp.com. Information on products and services may be obtained by calling 818-257-7700 or visiting CU Bank’s website at www.cunb.com.

PacWest Bancorp

9701 Wilshire Boulevard, Suite 700

Beverly Hills, CA 90212

CU Bancorp

818 W. 7th Street, Suite 220

Los Angeles, CA 90017

Contacts:

Matthew P. Wagner

Chief Executive Officer

(310) 887-8520

Don Destino

Executive Vice President,

Corporate Development and Investor Relations

(310) 887-8521

Contacts:

David I. Rainer

Chairman and Chief Executive Officer

(213) 430-7070

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