PacWest Bancorp, a Beverly Hills bank holding company, acquired El Dorado Savings Bank in a deal valued at $466.7 million, according to a press release.
The deal, which was announced Sept. 12, gives El Dorado stockholders $59.8 million in cash and $406.9 million in PacWest shares.
Placerville-headquartered El Dorado has $2.2 billion in assets and 35 branches, and no branches are scheduled to be closed due to the acquisition.
PacWest has 75 bank branches, and all but one – a North Carolina outlet – are in California. It is the holding company for Pacific Western Bank.
Media and entertainment reporter Matthew Blake can be reached at (323)556-8332 or email@example.com
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