Mar. 2, 2015, 8:21 AM
- Square 1 (NASDAQ:SQBK) will receive 0.5997 shares of PacWest (NASDAQ:PACW) common stock for each share of Square 1 they own - total consideration of $27.49 based on the most recent price.
- Square 1 in HQ'd in Durham, NC and has about $3.1B in assets, and L.A.-based PacWest has $16.2B in assets. Combined, the two will have nearly $20B in assets, 80 branches in CA, and one in NC.
- The deal is expected to close in Q4.
Square 1 Financial Inc is a bank holding company. The Company through its subsidiary provides commercial banking services to companies that have received institutional investment, from venture capital and private equity sources.
Industry: Money Center Banks
Country: United States
Other News & PR