PacWest Bancorp has wrapped up its $58.1 million acquisition of San Luis Obispo-based American Perspective Bank. The deal adds two branches, a loan production office and about $271 million in assets to Los Angeles-based PacWest’s portfolio and expands its reach up the Central Coast.
The deal, first announced in April, trumped an earlier offer for the San Luis Obispo lender by Oregon-based Umpqua Holdings Corp. American Perspective’s branches will be rebranded as Pacific Western Bank, bringing PacWest’s locations in the Tri-Counties to 15.
“This really helps us establish a greater presence here,” Lynda Nahra, who PacWest recruited last year to run its Ventura County and Central Coast banking operation, told the Business Times when the deal was announced. American Perspective is a “very, very well-run bank,” she said.
PacWest planted its flag in the region three years ago. It purchased Ventura-based Affinity Bank in 2009 and Solvang-based Los Padres Bank in 2010, both FDIC-assisted deals.
American Perspective Bank, formerly called American Principle Bank, was founded in 2007. It was one of the mid-sized banks in the region, coming in at No. 6 on the list of largest banks based in the Tri-Counties as ranked by assets. Its three branches are in San Luis Obispo, Santa Maria and Paso Robles.
PacWest has also attempted to purchase First California Bank, but the Westlake Village-based rejected that takeover bid.