January 31, 2023
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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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Branch bidding war looms for Ventura County

By   /  Friday, May 3rd, 2013  /  Banking & Finance, Banking Industry, Top Stories  /  Comments Off on Branch bidding war looms for Ventura County

PacWest Bancorp’s $231 million acquisition of Westlake Village-based First California Bank will push numerous Ventura County branches onto the market, and the CEO of the next largest independent bank in the region says she’s taking a hard look. “It’s a market we’re very interested in expanding into,” Simone Lagomarsino, CEO of Paso Robles-based Heritage Oaks 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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Amid job cuts, Union Bank rolls out plan

By   /  Friday, December 7th, 2012  /  Banking & Finance, Banking Industry, Top Stories, Tri-County Economy, Tri-County Public Companies  /  Comments Off on Amid job cuts, Union Bank rolls out plan

Union Bank sent shockwaves through the region with the announcement that it will cut almost 500 Santa Barbara Bank & Trust jobs as it completes a $1.5 billion acquisition. But the rollout of the San Francisco-based lender’s vastly increased footprint in the region also creates new opportunities for middle-market companies to get debt financing, experts 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 →