LOS ANGELES, April 1, 2014 (GLOBE NEWSWIRE) -- PacWest Bancorp (Nasdaq:PACW) ("PacWest") and CapitalSource Inc. (NYSE:CSE) ("CapitalSource") today announced they have received regulatory approval from the Board of Governors of the Federal Reserve System and that the merger will close on Monday, April 7, 2014 at the close of business.
As previously announced, the integration of CapitalSource Bank systems and the conversion of CapitalSource Bank's branches to Pacific Western Bank's operating platform are scheduled to be completed over the weekend of April 11, 2014. CapitalSource has 21 branches, twelve of which are being closed in the consolidation with Pacific Western Bank at the close of business on April 11. One overlapping Pacific Western branch is also being closed in the consolidation at the close of business on April 11. All remaining branches will re-open on Monday, April 14, 2014 as Pacific Western Bank branches.
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements that are intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. Although these forward-looking statements reflect PacWest's and CapitalSource's current views with respect to the timing of closing of the merger, no assurances can be given that the Federal Reserve approval will be received within the timeframe contemplated by these statements.