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PacWest Bancorp Reports Increase in Net Earnings for Third Quarter

PacWest Bancorp on Wednesday announced net earnings for the third quarter of 2013 of $24.2 million, or 53 cents per diluted share, an increase of $19.8 million from net earnings for the second quarter of 2013 of $4.3 million, or 11 cents per diluted share.

Third quarter of 2013 net earnings included a non-taxable securities gain from the First California Financial Group Inc. acquisition of $5.2 million, or 12 cents per diluted share, and after-tax acquisition and integration costs primarily associated with the proposed CapitalSource Inc. transaction of $3.5 million, or 8 cents per diluted share.

Second quarter of 2013 net earnings included $10.8 million, or 28 cents per diluted share, of after-tax acquisition and integration costs associated with the FCAL acquisition, which was consummated on May 31.

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