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$243M merger comes with fine, branch closures

By   /  Friday, June 7th, 2013  /  Banking & Finance, Banking Industry, Top Stories, Tri-County Economy, Tri-County Public Companies  /  Comments Off on $243M merger comes with fine, branch closures

PacWest Bancorp’s contentious acquisition of First California Bank has closed but the dust hasn’t settled yet on the $243 million merger. As the deal was sealed, the banks announced that federal regulators had ordered First California to pay a $600,000 fine and set up $1.1 million in restitution to more than 64,000 consumers who had Read More →

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FCAL ordered to pay fine, set up $1.1M restitution fund for prepaid card users

By   /  Friday, May 31st, 2013  /  Banking & Finance, Banking Industry  /  Comments Off on FCAL ordered to pay fine, set up $1.1M restitution fund for prepaid card users

Westlake Village-based First California Financial Group has agreed to pay a $600,000 fine and set up $1.1 million in restitution to more than 64,000 consumers who used its prepaid debit card products. The announcement from the Federal Deposit Insurance Corp. comes on the day that Los Angeles-based PacWest Bancorp’s $237 million acquisition of First California Read More →

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FCAL shareholders vote in favor of merger with PacWest

By   /  Thursday, March 21st, 2013  /  Banking & Finance, Banking Industry, Latest news, Tri-County Public Companies  /  Comments Off on FCAL shareholders vote in favor of merger with PacWest

Shareholders in First California Financial Group voted overwhelmingly in favor of merging the bank into rival PacWest Bancorp at a March 20 meeting. Investors in the Westlake Village bank cast 23.4 million votes in favor of the $233 million deal, with 212,252 shares voting against the proposal and 5,865 abstaining. The deal still requires regulatory Read More →

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FCAL execs grab hold of golden parachutes

By   /  Friday, March 15th, 2013  /  Banking & Finance, Banking Industry, Latest news, Tri-County Public Companies  /  Comments Off on FCAL execs grab hold of golden parachutes

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First California nixes acquisition on eve of PacWest deal

By   /  Friday, February 8th, 2013  /  Banking & Finance, Banking Industry, Top Stories, Tri-County Economy  /  Comments Off on First California nixes acquisition on eve of PacWest deal

Westlake Village-based First California Financial Group has called off a deal to acquire Premier Service Bank, a small Riverside-based lender it was slated to buy last year. The dashed deal may be a sign that a contentious $231 million acquisition of First California by Los Angeles-based PacWest Bancorp is moving forward. Executives from First California Read More →

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$231M First California sale shakes up bank ranks

By   /  Friday, November 9th, 2012  /  Banking & Finance, Banking Industry, Top Stories  /  Comments Off on $231M First California sale shakes up bank ranks

With the Tri-Counties’ two largest banks being acquired by bigger players, the regional lending landscape is shifting dramatically away from community financial institutions. Los Angeles-based PacWest Bancorp said Nov. 6 that it is buying First California Financial Group for $231 million in an all-stock deal. At $8 per share, PacWest’s bid represents an 18.5 percent Read More →

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PacWest to buy First California for $231M

By   /  Tuesday, November 6th, 2012  /  Banking & Finance, Banking Industry, Latest news  /  Comments Off on PacWest to buy First California for $231M

Los Angeles-based PacWest Bancorp is buying First California Financial Group for $231 million in an all-stock deal. At $8 per share, PacWest’s price represents an 18.5 percent premium over First California’s share price at the close on Nov. 6. The deal also comes after months of tense negotiations between the rival banks. PacWest offered $7.25 Read More →

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