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By Marlize van Romburgh / Friday, June 7th, 2013 / Banking & Finance, Banking Industry, Top Stories, Tri-County Economy, Tri-County Public Companies / Comments Off on $243M merger comes with fine, branch closures
PacWest Bancorp’s contentious acquisition of First California Bank has closed but the dust hasn’t settled yet on the $243 million merger. As the deal was sealed, the banks announced that federal regulators had ordered First California to pay a $600,000 fine and set up $1.1 million in restitution to more than 64,000 consumers who had Read More →
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By Marlize van Romburgh / Friday, May 31st, 2013 / Banking & Finance, Banking Industry / Comments Off on FCAL ordered to pay fine, set up $1.1M restitution fund for prepaid card users
Westlake Village-based First California Financial Group has agreed to pay a $600,000 fine and set up $1.1 million in restitution to more than 64,000 consumers who used its prepaid debit card products. The announcement from the Federal Deposit Insurance Corp. comes on the day that Los Angeles-based PacWest Bancorp’s $237 million acquisition of First California Read More →
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By Marlize van Romburgh / Friday, May 3rd, 2013 / Banking & Finance, Banking Industry, Top Stories / Comments Off on Branch bidding war looms for Ventura County
PacWest Bancorp’s $231 million acquisition of Westlake Village-based First California Bank will push numerous Ventura County branches onto the market, and the CEO of the next largest independent bank in the region says she’s taking a hard look. “It’s a market we’re very interested in expanding into,” Simone Lagomarsino, CEO of Paso Robles-based Heritage Oaks Read More →
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By Staff Report / Thursday, March 21st, 2013 / Banking & Finance, Banking Industry, Latest news, Tri-County Public Companies / Comments Off on FCAL shareholders vote in favor of merger with PacWest
Shareholders in First California Financial Group voted overwhelmingly in favor of merging the bank into rival PacWest Bancorp at a March 20 meeting. Investors in the Westlake Village bank cast 23.4 million votes in favor of the $233 million deal, with 212,252 shares voting against the proposal and 5,865 abstaining. The deal still requires regulatory Read More →
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By Marlize van Romburgh / Friday, November 9th, 2012 / Banking & Finance, Banking Industry, Top Stories / Comments Off on $231M First California sale shakes up bank ranks
With the Tri-Counties’ two largest banks being acquired by bigger players, the regional lending landscape is shifting dramatically away from community financial institutions. Los Angeles-based PacWest Bancorp said Nov. 6 that it is buying First California Financial Group for $231 million in an all-stock deal. At $8 per share, PacWest’s bid represents an 18.5 percent Read More →
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