Pacwest Bancorp (PACW) Unit Agrees to Sell Two Retail Branches

October 4, 2016 6:37 AM EDT

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PacWest Bancorp (Nasdaq: PACW) announced that its principal operating subsidiary, Pacific Western Bank, has entered into a definitive agreement to sell two retail branches to First Foundation Bank (the “Transaction”). The branches are located in Laguna Hills and Seal Beach, California (the “Branches”).

Currently, the deposits of the Branches total approximately $200 million, principally comprised of time deposits. No loans are being sold in connection with the Transaction. The Transaction is expected to be completed before the end of the year subject to regulatory approval and customary closing conditions.

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