Business

Merger of PacWest Bancorp, CapitalSource Receives Final Regulatory Approval

By PacWest Bancorp | April 1, 2014 | 5:07 p.m.

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PacWest Bancorp and CapitalSource Inc. announced Tuesday that they have received regulatory approval from the Board of Governors of the Federal Reserve System and that the merger will close next Monday, April 7, at the close of business.

As previously announced, the integration of CapitalSource Bank systems and the conversion of CapitalSource Bank's branches to Pacific Western Bank's operating platform are scheduled to be completed over the weekend of April 11.

CapitalSource has 21 branches, 12 of which are being closed in the consolidation with Pacific Western Bank at the close of business on April 11.

One overlapping Pacific Western branch is also being closed in the consolidation at the close of business on April 11.

All remaining branches will reopen on Monday, April 14 as Pacific Western Bank branches.

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