PacWest Bancorp and El Dorado Savings Merge

PacWest Bancorp and El Dorado Savings Merge 

El Dorado Saving Bank has been bought by Los Angeles-based banking company in a $467 million transaction. According to a press release, PacWest Bancorp and the El Dorado bank announced the signing of a merger agreement in which the latter was acquired for $466.7 million. El Dorado Savings Bank Chairman Tom Mesuer said in a prepared statement quote, “We believe a merger among the best-performing banks in the country with a stellar merger integration track record.” El Dorado Savings Bank has 30 offices in Northern California including Amador County, and five in Nevada and none are expected to be closed or consolidated following the merger. The El Dorado branches will join 74 California branches of Pacific Western Bank. The merger will add business leading services to El Dorado’s branches, which in some cases is the only bank in certain mountain communities in the Sierra Nevada and will give PacWest a total of about $26.7 billion in assets, approximately $2.2 billion of that coming from the El Dorado bank. The transaction has been approved by both boards of directors and is expected to close in the first quarter of 2019. El Dorado was founded in 1958 and is one of the only six remaining locally based banks in the Sacramento region, down from 20 local banks 25 years ago.

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