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Thursday, Jun 8, 2023

Pacwest Cancels El Dorado Acquisition

Beverly Hills-based PacWest Bancorp has terminated its previously announced agreement to buy El Dorado Savings Bank after the latter bank’s shareholders failed to support the transaction due to a drop in bank values over the past year. At a special meeting of privately held El Dorado’s shareholders on Jan. 9, the transaction did not receive the two-thirds affirmative vote of outstanding shares as required. PacWest had originally agreed to pay $466.7 million for the Placerville, Calif.-based El Dorado in a stock-and-cash transaction. PacWest Chief Executive Matt Wagner said the bank, which has $24 billion in assets, will continue to look for companies to acquire − “a strategy we’ve refined through 29 successful acquisitions over the past 18 years.” El Dorado Savings Bank has 30 branches in Northern California and five in Nevada. Pacific Western Bank, the banking unit of PacWest, has 74 California branches and one in North Carolina.

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