PacWest Bancorp Announces the Completion of Its Merger With CapitalSource Inc.

PacWest Bancorp Announces the Completion of Its Merger With CapitalSource Inc.

  -- Combined entity has over $15 billion in assets and is the 6^th largest
             publicly-traded bank headquartered in California --

         -- Combined entity has 81 branches throughout California --

    -- Five CapitalSource Directors join the PacWest Board of Directors --

          -- CapitalSource Bank merged into Pacific Western Bank --

-- Integration and systems conversion scheduled for weekend of April 12, 2014

LOS ANGELES, April 8, 2014 (GLOBE NEWSWIRE) -- PacWest Bancorp (Nasdaq:PACW)
("PacWest") today announced that on April 7, 2014, it completed its previously
announced merger with CapitalSource Inc. (NYSE:CSE) ("CapitalSource").
CapitalSource Bank, a wholly-owned subsidiary of CapitalSource, merged with
and into PacWest's banking subsidiary, Pacific Western Bank.

The acquisition, which was first announced on July 22, 2013, was concluded
following receipt of shareholder approval from both institutions and all
required regulatory approvals.As of December 31, 2013, CapitalSource had $8.9
billion in assets and PacWest had $6.5 billion in assets.As of December 31,
2013, on a pro forma combined basis with CapitalSource, PacWest had
approximately $15.4 billion in assets.

Upon closing, PacWest created the CapitalSource division of Pacific Western
Bank.This division, which will operate under the CapitalSource name, will
continue to serve businesses nationwide with a full spectrum of middle-market
lending.Pacific Western Bank, through its combined network of 81 branches
throughout California, will continue to serve small and medium-sized
businesses with financing solutions, cash management and deposit services.

Matt Wagner, CEO of PacWest Bancorp and Pacific Western Bank, stated, "The
culmination of this merger is a huge win for stockholders and customers of
both institutions.The combined company has a nationwide lending engine with
excellent credit quality and an enviable deposit and community banking
franchise.Customers of both institutions will benefit from a broader array of
lending and deposit services than either institution offered alone."

Jim Pieczynski, former CEO of CapitalSource who joined PacWest as a director
and as President of the CapitalSource division of Pacific Western Bank,
commented, "Our management teams have blended extremely well and are committed
to the success of the combined organization.From deposit gathering among
CapitalSource borrowers to broader lending to Pacific Western Bank customers,
the integration of the two institutions has gone well."

In the merger with CapitalSource, each share of CapitalSource common stock was
converted into the right to receive $2.47 in cash and 0.2837 of a share of
PacWest Bancorp common stock. PacWest is issuing an aggregate of approximately
56.7 million shares of PacWest common stock to CapitalSource
stockholders.Based on the closing price of PacWest's common stock on April 7,
2014 of $45.83 per share, the aggregate consideration payable to CapitalSource
common stockholders and holders of equity awards to acquire CapitalSource
common stock is approximately $3.1 billion.

Former holders of CapitalSource common stock and equity awards to acquire
CapitalSource common stock as a group received shares of PacWest common stock
in the merger constituting approximately 55% of the outstanding shares of
PacWest common stock immediately after the merger. As a result, holders of
PacWest common stock immediately prior to the merger, as a group, own
approximately 45% of the outstanding shares of the PacWest common stock
immediately after the merger.

As previously announced, the integration of CapitalSource Bank's deposit
system and the conversion of CapitalSource Bank's branches to Pacific Western
Bank's operating platform are scheduled to be completed over the weekend of
April 12, 2014. CapitalSource has 21 branches, twelve of which are being
closed in the consolidation with Pacific Western Bank at the close of business
on April 11, 2014.One overlapping Pacific Western branch is being closed at
the close of business on April 11, 2014 as well.All remaining branches will
re-open on Monday April 14, 2014 as Pacific Western Bank branches.


PacWest is a bank holding company with $6.5 billion in assets as of December
31, 2013, with one wholly-owned banking subsidiary, Pacific Western Bank
("PWB").On a pro forma combined basis with CapitalSource Inc., PacWest had
approximately $15.4 billion in assets as of December 31, 2013. Through 81
full-service branches, including the nine acquired CapitalSource Bank branches
which will be integrated over the weekend of April 12, 2014, 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.Pacific Western's divisions CapitalSource,
First Community Financial and Pacific Western Equipment Finance, and its
subsidiaries BFI Business Finance and Celtic Capital Corporation, deliver a
full spectrum of financing solutions nationwide across many industries and
property types. To learn more about PacWest Bancorp, visit more information about Pacific Western Bank and
CapitalSource, please visit and


This press release contains certain forward-looking information about PacWest
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 the
Company, and include, among others, statements about the benefits of the
business combination transaction involving PacWest and CapitalSource,
including expectations with respect to future financial and operational
performance, and other statements that are not historical facts. We caution
readers that a number of important factors could cause actual results to
differ materially from those expressed in, implied or projected by, such
forward-looking statements. Risks and uncertainties relating to the
transaction with CapitalSource include, but are not limited to, the ability to
successfully integrate the two institutions and achieve expected synergies and
operating efficiencies on the expected timeframe. For a discussion of risks
and uncertainties relating to PacWest's and CapitalSource's businesses,
investors and security holders are urged to read PacWest's annual report on
Form 10-K, quarterly reports on Form 10-Q and other reports filed by PacWest
with the Securities and Exchange Commission (the "SEC"). If any of these risks
or uncertainties materializes or if any of the assumptions underlying such
forward-looking statements proves to be incorrect, PacWest's results could
differ materially from those expressed in, implied or projected by such
forward-looking statements. Forward-looking statements speak only as of the
date they are made, and PacWest assumes no obligation to update such
forward-looking statements.

The documents filed by PacWest with the SEC may be obtained at PacWest
Bancorp's website at and those documents and the
documents filed by CapitalSource may be obtained at the SEC's website at documents may also be obtained free of charge from PacWest
by directing a request to: PacWest Bancorp c/o Pacific Western Bank, 275 North
Brea Boulevard, Brea, CA 92821.Attention: Investor Relations. Telephone

CONTACT: Matt Wagner
         Chief Executive Officer
         (310) 728-1020
         Vic Santoro
         Executive Vice President and Chief Financial Officer
         (310) 728-1021
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