August 24, 2010 (FinancialWire) — PacWest Bancorp (NASDAQ: PACW) said that its wholly-owned subsidiary Pacific Western Bank has opened 14 former Los Padres Bank branches as Pacific Western Bank branches.

On August 20, Pacific Western Bank purchased certain assets and assumed substantially all the liabilities of Los Padres Bank from the Federal Deposit Insurance Corp., as Receiver of Los Padres.

The company said its bid was composed of three elements: a deposit premium of 0.45% of total deposits, which it estimated to be around $3 million; a zero premium or discount on the assets; and 80% loss share on all loan types.

PacWest said that the loss sharing agreement will cover future losses incurred on loans and foreclosed loan collateral.

Under the terms of the loss sharing agreement, the FDIC will absorb 80% of losses and share in 80% of loss recoveries.

California-based PacWest Bancorp is a bank holding company with one wholly-owned banking subsidiary, Pacific Western Bank.

Pacific Western operates through 68 community banking branches, and 14 branches of the former Los Padres Bank.

Real-time, streaming research for companies and funds mentioned in FinancialWire(tm) news is available via the Investrend Research Syndicate (at http://investrend.stocksmart.com/ss/html/hpcompany.html). Current valuation analysis research for companies and funds mentioned in FinancialWire(tm) news is available via the Investrend Research Syndicate (at http://www.valuengine.com/rep/searchsrep?pid=42&srchfor=).

FinancialWire(tm) is committed to serving the financial community through true journalism and providing relevant resources to investors. Standards-based, independent equity research on numerous public other companies is available through the Investrend Research Syndicate (http://www.investrend.com/reports) written by FIRST Research Consortium (http://www.investrend.com/FIRST) member-providers. Free annual reports and company filings for companies mentioned in the news are available through the Investrend Information Syndicate (at http://investrend.ar.wilink.com/?level=279). FinancialWire(tm), in cooperation with the Investrend Broadcast Syndicate, also provides complete, daily conference call and webcast schedules as a service to shareholders and investors via the FirstAlert(tm) Network’s “FirstAlert(tm) Daily” (at http://www.financialwire.net/news-alerts/).

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation from subject entities, companies, equities, or representatives thereof, for its news, opinions or distributions. Further disclosure is posted at the FinancialWire(tm) website (at http://www.financialwire.net/disclosures.php and http://www.financialwire.net/2010/04/23/safe-harbor/). Additional resources for investors are also accessible via the FinancialWire(tm) website (at http://www.financialwire.net/2010/04/23/investor-resources/). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Copyright © MMX, FinancialWire(tm); All rights reserved.

[hlmsmlh] [bnkngnknb] [bsnnssb] [exxpndgbsns]

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.