On April 6, 2017 PacWest Bancorp (Nasdaq:PACW) (“PacWest”) and CU Bancorp (Nasdaq:CUNB) (“CU Bancorp”) announced the signing of a definitive agreement and plan of merger (the “Agreement”) whereby PacWest would acquire CU Bancorp in a transaction valued at approximately $705 million. CU Bancorp Shareholders received, at closing, 0.5308 Shares of PacWest Common Stock and $12.00 in Cash for Each Share of CU Bancorp. CU Bancorp, headquartered in Los Angeles, CA, was the parent of California United Bank, a California state-chartered non-member bank, with approximately $3.0 billion in assets and nine branches located in Los Angeles, Orange, Ventura, and San Bernardino counties at December 31, 2016. In connection with the transaction, California United Bank merged into Pacific Western Bank, the principal operating subsidiary of PacWest Bancorp. The transaction, which was approved by the PacWest and CU Bancorp boards of directors, closed in the fourth quarter of 2017 and was approved by CU Bancorp’s shareholders and the bank regulatory authorities. As of December 31, 2016, on a pro forma consolidated basis, the combined company would have approximately $25.0 billion in assets and 87 branches.
PacWest Bancorp announced the Completion of Its Merger With CU Bancorp, effective October 20, 2017. In conjunction with this merger, California United Bank, a wholly-owned subsidiary of CUB, was merged with and into PacWest’s banking subsidiary, Pacific Western Bank. PacWest issued an aggregate of approximately 9.3 million shares of PacWest common stock and paid approximately $224 million in cash to CUB common shareholders and equity award holders. Based on the closing price of PacWest’s common stock on October 20, 2017 of $47.99 per share, the aggregate consideration payable to CUB common shareholders and equity awards holders was approximately $681 million. PacWest Bancorp (“PacWest”) is a bank holding company with over $25 billion in assets with one wholly-owned banking subsidiary, Pacific Western Bank (“Pacific Western”). Pacific Western has 83 full-service branches located throughout the state of California and one branch in Durham, North Carolina. Pacific Western provides commercial banking services, including real estate, construction, and commercial loans, and comprehensive deposit and treasury management services to small and medium-sized businesses. Pacific Western offers additional products and services under the brands of its business divisions, CapitalSource and Square 1 Bank. The CapitalSource Division provides cash flow, asset-based, equipment and real estate loans; as well as treasury management services to middle market businesses on a national basis. The Square 1 Bank Division offers a comprehensive suite of financial services focused on entrepreneurial businesses, and their venture capital and private equity investors, with offices located in all key innovative hubs across the United States.
Chapman50’s own Robert Selway (‘07 and ‘10) was retained as Vice President, Relationship Manager at Pacific Western Bank’s Orange County Loan Production Office in Irvine, CA. He was also engaged to Katherine Moosmann (10’) on September 25, 2017. They plan on getting married in Laguna Beach, CA in August of 2018.