LOS ANGELES, Calif.–(GLOBE NEWSWIRE)–PacWest Bancorp (NASDAQ:PACW) (“PacWest”) today announced the completion of its merger with Square 1 Financial, Inc. (NASDAQ:SQBK) (“Square 1”), effective on October 6, 2015. In conjunction with this merger, Square 1 Bank, a wholly-owned subsidiary of Square 1, is being merged with and into PacWest’s banking subsidiary, Pacific Western Bank (the “Bank Merger”).
Matt Wagner, CEO of PacWest and Pacific Western Bank, stated, “We believe the Square 1 Merger creates a stronger bank with a substantially improved core deposit base with excellent future growth prospects and better positioning for rising interest rates. Square 1’s expertise in the venture capital banking space, especially with technology and life sciences companies and their investors, is a complementary fit with our existing national lending platform.”
Upon completion of the Bank Merger, Square 1 Bank will operate as a division of Pacific Western Bank. The Square 1 Bank Division will continue its nationwide focus on venture-backed companies and venture capital firms, and will continue to offer a full spectrum of deposit, treasury management, and lending products. Pacific Western Bank, with a network of 80 branches throughout California, will continue to serve small and medium-sized businesses with financing solutions, cash management and deposit services. The CapitalSource Division will continue to provide cash flow, asset-based, equipment and real estate loans and treasury management services to middle market clients on a nationwide basis.