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Gideon King, president of Loeb Capital Management, threatened to buy more stock in First California and clean house in the boardroom and executive suite to facilitate a sale to PacWest or another buyer.
July 27
First California Financial Group (FCAL) —
KBW is its financial advisor and Skadden, Arps, Slate, Meagher & Flom its legal counsel in a "strategic review process," the $2 billion-asset Westlake Village, Calif., bank said in a press release Wednesday.
First California
Two other shareholders — Basswood Capital Management and Loeb Capital Management — have since urged the company to explore its options after rebuffing PacWest.