PacWest Receives Regulatory Approval to Buy CapitalSource

By Sarah Todd April 01, 2014, 6:45 p.m. EDT 1 Min Read

M&A

PacWest, CapitalSource Merger Delayed, Still Needs Fed Approval

PacWest Bancorp's pending purchase of CapitalSource has been pushed back as the deal awaits approval from the Federal Reserve Board.

By Sarah Todd

March 25
Consumer banking

Community Activists Seek Delay of PacWest-CapitalSource Deal

Community organizations in California are urging regulators to postpone approval of PacWest Bancorp's (PACW) acquisition of CapitalSource (CSE), arguing that PacWest lacks CapitalSource's commitment to serving community needs and economically disadvantaged groups.

By Sarah Todd

October 4
M&A

CapitalSource Gets Its Wish in Sale to PacWest

PacWest has agreed to buy CapitalSource for $2.3 billion, a transaction that would fulfill CapitalSource's longtime goal of becoming a full-fledged bank. It is the year's biggest bank deal.

By Robert Barba

July 22

PacWest Bancorp's purchase of CapitalSource has received regulators' official green light.

The Los Angeles companies said Tuesday that the Federal Reserve Board has approved the $2.3 billion deal. The Fed was the final regulator the companies needed to authorize the merger, which had already received the go-ahead from the Federal Deposit Insurance Corp. and the California Department of Business Oversight.

PacWest (PACW) and CapitalSource (CSE) plan to complete the deal on April 7. The merger was originally expected to close on April 1 but was delayed while the companies awaited the Fed's approval.

PacWest is buying 21 CapitalSource branches in the deal, 12 of which are being closed on April 11 as part of the consolidation, along with a branch owned by PacWest. The remaining CapitalSource branches will reopen as part of Pacific Western Bank on April 14.

Sarah Todd

Deputy Editor, BankThink