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Normally low-profile PacWest CEO Matt Wagner could get a night gig emceeing roasts or appearing at an L.A. comedy store, a sometimes-lighthearted conference call revealed this week.
July 25 -
Executives of PacWest had become frustrated with the shortcomings of traditional, deposit-heavy banks when seeking M&A targets. They reached instead for the prospect of loan growth provided by commercial financier CapitalSource.
July 23 -
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.
July 22 -
Five years after embarking on a path to become a bank holding company, specialty lender CapitalSource is almost there. Tad Lowrey, the CEO of CapitalSource Bank, thinks the Fed will approve an application next year, now that company is "smaller, simpler and cleaner."
June 18
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.
The $6.7 billion-asset PacWest
But community advocates voiced a number of concerns over PacWest's dedication to the Community Reinvestment Act during September comment periods with the Federal Deposit Insurance Corp. and the Federal Reserve System, according to a press release Friday from the California Reinvestment Coalition and its member organizations.
PacWest received a "low satisfactory" rating for each of the lending, investment and service tests in its CRA evaluation,
"It appears that CRA activities aren't a priority for PacWest, which is why we're urging the FDIC and Federal Reserve to seek community input and make their approval contingent on a plan for the bank to improve its CRA activities," Sharon Kinlaw, interim director of the Fair Housing Council of San Fernando Valley, said in the release.
The $7.8 billion-asset CapitalSource received
"CapitalSource is a consistent community partner, with staff members serving on boards of local nonprofits, providing grants to local organizations and being a CRA leader at the local level. Unless the regulators require PacWest to strengthen its CRA activities, we're deeply concerned the bank may end the strong partnerships that CapitalSource worked to create in our communities," Glenn Hayes, president and CEO of NeighborWorks Orange County, said in the release.
PacWest's willingness to lend to businesses with less than $1 million in revenue and the possibility of branch closures were also mentioned as potential concerns in the release.
Representatives at PacWest and CapitalSource did not immediately respond to calls seeking comment.