PacWest Bancorp Announces the Completion of Its Acquisition of First California Financial Group

PacWest Bancorp Announces the Completion of Its Acquisition of First
California Financial Group

  -- Acquisition adds 6 branches after consolidation and approximately $1.7
                             billion in assets --

 -- Two First California Financial Group Directors Join the PacWest Board of
                                 Directors –

         -- First California Bank merged into Pacific Western Bank –

     -- Integration and systems conversion scheduled for June 14, 2013 --

LOS ANGELES, May 31, 2013 (GLOBE NEWSWIRE) -- PacWest Bancorp (Nasdaq:PACW)
("PacWest") announced that today it completed its previously announced
acquisition of First California Financial Group, Inc. (Nasdaq:FCAL) ("First
California"). As part of the acquisition, First California Bank, a
wholly-owned subsidiary of First California, merged with and into PacWest's
wholly-owned banking subsidiary, Pacific Western Bank ("PWB").

The acquisition, which was first announced on November 6, 2012, was concluded
following receipt of shareholder approval from both institutions and all
required regulatory approvals. First California had $1.7 billion in assets as
of March 31, 2013. As of March 31, 2013, on a pro forma consolidated basis
with First California, PacWest would have had approximately $7.0 billion in

In the merger with First California, each share of First California common
stock was converted into the right to receive 0.2966 of a share of PacWest
common stock. The exchange ratio was 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. PacWest is
issuing an aggregate of approximately 8.3 million shares of PacWest common
stock to First California stockholders (which include PacWest common shares
issuable in exchange for First California's Series A Preferred Stock).
Approximately $231,000 in cash is being 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
have been cancelled in the merger. Based on the closing price of PacWest's
common stock on May 31, 2013 of $28.83 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 $243 million.

Effective May 31, 2013, Mr. Joseph Cohen and Antoinette Hubenette, M.D.,
former directors of First California, have joined PacWest Bancorp's board of

The integration of First California Bank systems and the conversion of First
California Bank's branches to PWB's operating platform are scheduled to be
completed over the weekend of June 14, 2013. First California Bank has 15
branches, nine of which overlap with existing Pacific Western Bank
branches.Seven of the First California Bank branches will be closed as part
of the integration and system conversion on June 14, 2013 and two PWB branches
will subsequently be closed in the consolidation on June 21, 2013.The
resulting net effect of this branch conversion and closure activity is that
PWB will add six branches to its branch system.


PacWest is a bank holding company with $5.3 billion in assets as of March 31,
2013, with one wholly-owned banking subsidiary, PWB.Through 68 full-service
branches, excluding the 15 recently acquired branches of First California Bank
which will be integrated on June 14, 2013, PWB provides commercial banking
services, including real estate, construction, and commercial loans, to small
and medium-sized businesses.PWB'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,
PWB also provides working capital financing and equipment leasing to growing
companies located throughout the United States, with a focus on the Southwest,
primarily in Arizona, California, Utah, and Texas.Additional information
regarding PacWest is available on the Internet at regarding PWB is also available on the
Internet at

CONTACT: Matthew P. Wagner
         Chief Executive Officer
         PacWest Bancorp
         10250 Constellation Boulevard
         Suite 1640
         Los Angeles, CA 90067
         Phone: 310-728-1020
         Fax: 310-201-0498
         Victor R. Santoro
         Executive Vice President & CFO
         PacWest Bancorp
         10250 Constellation Boulevard
         Suite 1640
         Los Angeles, CA 90067
         Phone: 310-728-1021
         Fax: 310-201-0498
Press spacebar to pause and continue. Press esc to stop.