PacWest Bancorp Announces the Completion of Pacific Western Bank's Acquisition of American Perspective Bank


-- Acquisition adds 2 branches, a loan production office, and approximately $271 million in assets in the Central Coast Region of California --

-- American Perspective Bank merged into Pacific Western Bank --

LOS ANGELES, Aug. 1, 2012 (GLOBE NEWSWIRE) -- PacWest Bancorp (Nasdaq:PACW) ("PacWest") today announced that PacWest's wholly owned subsidiary, Pacific Western Bank ("PWB"), completed the acquisition of American Perspective Bank (OTCBB:APBA) ("APB") for $58.1 million in cash, or $13.00 for each of APB's common shares outstanding. The acquisition, which was first announced on April 30, 2012, was concluded following receipt of APB shareholder approval and all required regulatory approvals. APB had $271 million in assets as of June 30, 2012. Following an upcoming systems conversion and operating platform integration for APB accounts scheduled for September, PWB will merge its Santa Maria and San Luis Obispo branches into the APB facilities in the same towns, thereby increasing its Central Coast market presence in an efficient manner. In addition, PWB is in the process of opening a new branch in Paso Robles, California, where APB maintained a loan production office.

Matt Wagner, Chief Executive Officer of PacWest, commented, "We look forward to further increasing our market share in the Central Coast Region of California. Pacific Western Bank has retained Thomas R. Strait, American Perspective Bank's Chief Banking Officer, to lead its marketing efforts in San Luis Obispo County and northern Santa Barbara County. Mr. Strait will report to Lynda Nahra, President of Pacific Western Bank's Central Coast Region and a veteran Central Coast banker." Mr. Wagner then added, "We welcome the clients of American Perspective Bank to the Pacific Western Bank family. Those customers will soon have access to a much larger branch network, more ATMs, and the greater product set available through Pacific Western Bank."

Vic Santoro, PacWest's Chief Financial Officer, stated, "Shareholders of American Perspective Bank holding their shares electronically will receive the $13.00 per share in the next several days. Shareholders with paper stock certificates will soon receive a Transmittal Package from Registrar and Transfer Company, which we have hired as Exchange Agent. The Transmittal Package will explain how to redeem American Perspective Bank stock certificates for the $13.00 per share cash payment."

Former customers of American Perspective Bank and Pacific Western Bank customers should continue to use their existing branches until Pacific Western can fully integrate the systems of American Perspective Bank with the Pacific Western Bank network.   After this transition period, former American Perspective Bank customers will gain access to Pacific Western's 76 existing locations throughout Los Angeles, Orange, Riverside, San Bernardino, Santa Barbara, San Diego, San Francisco, San Luis Obispo, San Mateo, and Ventura Counties.

ABOUT PACWEST BANCORP

PacWest is a bank holding company with $5.3 billion in assets as of June 30, 2012, with one wholly-owned banking subsidiary, PWB.  Through 76 full-service community banking branches PWB, excluding the two recently acquired branches of American Perspective Bank which are expected to be integrated in September 2012, we provide commercial banking services, including real estate, construction, and commercial loans, to small and medium-sized businesses.  PWB's branches are located throughout California in Los Angeles, Orange, Riverside, San Bernardino, Santa Barbara, San Diego, San Francisco, San Luis Obispo, San Mateo, and Ventura Counties. Through its subsidiaries, BFI Business Finance and Celtic Capital Corporation, and its divisions, First Community Financial and Pacific Western Equipment Finance, PWB also provides working capital financing and equipment leasing to growing companies located throughout the United States, with a focus on the Southwest, primarily in Arizona, California, Utah, and Texas.  Additional information regarding PacWest is available on the Internet at www.pacwestbancorp.com. Information regarding PWB is also available on the Internet at www.pacificwesternbank.com.

FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking information about PacWest Bancorp that is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. We caution readers that a number of important factors could cause actual results to differ materially from those expressed in, implied or projected by, such forward-looking statements. Risks and uncertainties include, but are not limited to: failure to obtain regulatory or other required approvals; an inability to achieve expected cost savings in the amounts or timeframes discussed if at all, or the costs associated with the transaction or the time needed to complete the transaction being greater than expected; and other risks that are described in PacWest's public filings with the U.S. Securities and Exchange Commission (the "SEC"). If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, PacWest's results could differ materially from those expressed in, implied or projected by such forward-looking statements. PacWest assumes no obligation to update such forward-looking statements.

ADDITIONAL INFORMATION AND WHERE TO FIND IT

For a more complete discussion of risks and uncertainties, investors and security holders are urged to read PacWest's annual report on Form 10-K, quarterly reports on Form 10-Q, and other reports filed by PacWest with the SEC.  The documents filed by PacWest with the SEC may be obtained at PacWest's website at www.pacwestbancorp.com or at the SEC's website at www.sec.gov.  These documents may also be obtained free of charge from PacWest by directing a request to:  PacWest Bancorp c/o Pacific Western Bank, 275 North Brea Boulevard, Brea, CA 92821.  Attention:  Investor Relations.  Telephone (714) 671 - 6800.



            

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