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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 -
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 Bancorp (PACW) in Los Angeles will take a $12 million after-tax charge in the fourth quarter because of stock awards connected to its
The $6.6 billion-asset PacWest vested restricted stock awards for certain executive officers and paid them a portion of incentive compensation set for distribution next year, according to a
"The $12 million of restricted stock expense and the $21 million of tax and compensation expense were included in the original $80 million in after-tax deal costs management estimated in connection with the CapitalSource merger," Aaron Andrew Deer, an analyst at Sandler O'Neill, wrote in a Tuesday note to clients. "So by taking these strategic tax planning actions, the company significantly reduces its merger costs."
The accelerated vesting and payments were limited to executives whose potential tax reimbursements and compensation expense deductions could have been affected by the merger, PacWest's filing said. PacWest executives who received payments include Chief Executive
PacWest
