PacWest Bancorp and First California Financial Group, Inc. Announce Receipt of All Regulatory Approvals and Timing for Closing

PacWest Bancorp and First California Financial Group, Inc. Announce Receipt of
All Regulatory Approvals and Timing for Closing of the Acquisition

—Exchange Ratio Set at 0.2966 per Share of PacWest Common Stock for Each Share
                      of First California Common Stock —

        — Acquisition to Close at Close of Business on May 31, 2013 —

          — Systems Conversion Expected to Occur on June 14, 2013 —

PacWest Bancorp (Nasdaq:PACW) and First California Financial Group, Inc.
(Nasdaq:FCAL) today announced the receipt of all necessary regulatory
approvals in connection with the previously announced pending merger of First
California Financial Group, Inc. ("First California") with and into PacWest
Bancorp ("PacWest"). The final regulatory approval was received on May 10,

Pursuant to the terms of the merger agreement, PacWest will acquire First
California for $8.00 per First California common share. The exchange ratio is
calculated based on the volume-weighted average share price of PacWest common
stock for the 20 consecutive trading days ending on the second full trading
day prior to the receipt of the last of the regulatory approvals required
under the merger agreement.

As a result, each share of First California common stock shall be converted
into the right to receive 0.2966 of a share of PacWest common stock. PacWest
will issue an aggregate of approximately 8.4 million shares of PacWest common
stock to First California stockholders (which includes PacWest common shares
issuable in exchange for First California's Series A Preferred Stock).
Approximately $537,000 in cash will be delivered to holders of outstanding and
unexercised First California options. In addition, approximately one million
shares of First California common stock currently owned by PacWest will be
cancelled in the merger.Based on the closing price of PacWest's common stock
on May 13, 2013 of $27.61 per share, the aggregate consideration to be paid to
First California common stockholders and holders of options to acquire First
California common stock plus the cost of the First California shares of common
stock cancelled in the merger is approximately $237.1 million.

Stockholders of PacWest and First California overwhelmingly approved the
merger on March 20, 2013.

PacWest and First California expect to complete the merger on May 31,
2013.Completion of the merger remains subject to satisfaction of customary
closing conditions set forth in the merger agreement. The integration of First
California's systems and the conversion of First California's branches to
PacWest's operating platform are scheduled to be completed over the weekend of
June 14, 2013.

As of March 31, 2013, on a pro forma consolidated basis with First California,
PacWest would have had approximately $7.0 billion in assets with 82 branches
throughout California.


PacWest Bancorp ("PacWest") is a bank holding company with $5.3 billion in
assets as of March 31, 2013, with one wholly-owned banking subsidiary, Pacific
Western Bank ("Pacific Western"). Through 67 full-service community banking
branches, Pacific Western provides commercial banking services, including real
estate, construction and commercial loans, to small and medium-sized
businesses. Pacific Western's branches are located throughout California in
Los Angeles, Orange, Riverside, San Bernardino, Santa Barbara, San Diego, San
Francisco, San Luis Obispo, San Mateo and Ventura Counties. Through its
subsidiaries, BFI Business Finance and Celtic Capital Corporation, and its
divisions, First Community Financial and Pacific Western Equipment Finance,
Pacific Western also provides working capital financing and equipment leasing
to growing companies located throughout the United States, with a focus on the
Southwestern U.S., primarily in Arizona, California, Utah and Texas.
Additional information regarding PacWest Bancorp is available on the Internet
at Information regarding Pacific Western Bank is also
available on the Internet at


First California Financial Group, Inc. is the holding company of First
California Bank.Founded in 1979 and with nearly $2 billion in assets, First
California serves the comprehensive financial needs of small- and middle-sized
businesses and high net worth individuals throughout Southern California.Led
by an experienced team of bankers, First California is committed to providing
the best client service available in its markets, offering a full line of
quality commercial banking products through 15 full-service branch offices in
Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Luis Obispo and
Ventura counties.The holding company's website can be accessed at For additional information on First California Bank's
products and services, visit


This press release contains certain forward-looking information about PacWest
Bancorp, First California Financial Group, and the combined company after the
close of the transaction that is intended to be covered by the safe harbor for
"forward-looking statements" provided by the Private Securities Litigation
Reform Act of 1995. All statements other than statements of historical fact
are forward-looking statements. Such statements involve inherent risks and
uncertainties, many of which are difficult to predict and are generally beyond
the control of PacWest, First California and the combined
company.Forward-looking statements speak only as of the date they are made
and we assume no duty to update such statements.We caution readers that a
number of important factors could cause actual results to differ materially
from those expressed in, or implied or projected by, such forward-looking
statements. Risks and uncertainties for each institution and the combined
institution include, but are not limited to: lower than expected revenues;
credit quality deterioration or a reduction in real estate values could cause
an increase in the allowance for credit losses and a reduction in net
earnings; increased competitive pressure among depository institutions; the
ability to complete the proposed acquisition, or any future acquisition,
successfully integrate such acquired entities, or achieve expected beneficial
synergies and/or operating efficiencies, in each case within expected
time-frames or at all; settlements with the FDIC related to loss-sharing
arrangements; the possibility that personnel changes will not proceed as
planned; the cost of additional capital is more than expected; a change in the
interest rate environment reduces net interest margins; asset/liability
re-pricing risks and liquidity risks; pending legal matters may take longer or
cost more to resolve or may be resolved adversely; general economic
conditions, either nationally or in the market areas in which the entities
operate or anticipate doing business, are less favorable than expected; and
environmental conditions, including natural disasters, may disrupt business,
impede operations, or negatively impact the values of collateral securing

CONTACT: PacWest Bancorp
         10250 Constellation Blvd., Suite 1640
         Los Angeles, CA 90067

         Matthew P. Wagner
         Chief Executive Officer
         (310) 728-1020

         Victor R. Santoro
         Executive Vice President and CFO
         (310) 728-1021

         First California Financial Group, Inc.
         3027 Townsgate Road, Suite 300
         Westlake Village, CA 91361

         C. G. Kum
         President and Chief Executive Officer
         (805) 322-9308

         Romolo C. Santarosa
         Sr. Executive Vice President and COO/CFO
         (805) 322-9333
Press spacebar to pause and continue. Press esc to stop.