Seven branches of First California Bank will close this month following the completion of that bank’s acquisition by PacWest Bancorp.
First California, formerly headquartered in Westlake Village, has nine branches that overlap with Pacific Western Bank, the bank operated by PacWest. Among them is one in Glendale. Two Pacific Western branches also will close in the consolidation.
The deal between Los Angeles-based PacWest and First California is valued at $243 million and would make the combined institutions the eighth largest publicly-held bank headquartered in California.
First California Bank, with $1.9 billion in assets, served Southern California from San Luis Obispo to San Diego counties. PacWest, with $5.4 billion in assets, has 66 branches from San Francisco to San Bernardino counties.
Additionally, Joseph Cohen and Dr. Antoinette Hubenette., former directors of First California, have joined PacWest Bancorp's board of directors.
Shares of PacWest gained 15 cents, or a fraction of 1 percent, to close at $29.98 on the Nasdaq.