Pacific Western Bank Buys Affinity Bank
August 31, 2009 (FinancialWire) — PacWest Bancorp (NASDAQ: PACW) Pacific Western Bank subsidiary has acquired Ventura, California-based Affinity Bank in a transaction assisted by the Federal Deposit Insurance Corp.
Under the terms of the transaction, Pacific Western Bank will acquire most of the assets, including all loans, and assume the insured and uninsured deposits excluding certain brokered deposits.
At June 30, the latest date for which information is publicly available, Affinity Bank had $1.2 billion in assets, $691 million in gross loans, $906 million in deposits, $50 million in brokered deposits, and $298 million in other liabilities.
Affinity Bank operated 10 branches in California.
San Diego-based PacWest Bancorp is a bank holding company with one wholly-owned banking subsidiary, Pacific Western Bank. The company operates through 59 banking branches and ten branches of the former Affinity Bank.
Pacific Western’s branches are located in Los Angeles, Orange, Riverside, San Diego and San Bernardino counties in California. Former Affinity Bank branches are also located in San Mateo, San Francisco and Ventura counties.
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