LOS ANGELES, March 25, 2014 (GLOBE NEWSWIRE) -- PacWest Bancorp (Nasdaq:PACW) ("PacWest") and CapitalSource Inc. (NYSE:CSE) ("CapitalSource") today provided an update on the expected timing for closing of their merger. PacWest and CapitalSource have received the requisite approvals from the Federal Deposit Insurance Corporation and the California Department of Business Oversight and expect to consummate the transaction promptly following receipt of the requisite approval of the Board of Governors of the Federal Reserve System. The Federal Reserve Board approval does not require a 15 day waiting period before the merger can be closed. PacWest and CapitalSource do not currently expect to receive Federal Reserve Board approval in time to complete the merger on April 1, as previously disclosed. The parties have no reason to believe, however, that Federal Reserve Board approval will not be received in the near term. Once the Federal Reserve Board approval is received, the companies will announce that event and the closing date of the merger.
This press release contains certain forward-looking statements that are intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. Although these forward-looking statements reflect PacWest's and CapitalSource's current views with respect to the timing of closing of the merger, no assurances can be given that the Federal Reserve approval will be received within the timeframe contemplated by these statements.
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 CapitalSource Inc. 633 West 5th Street, 33rd Floor Los Angeles, CA 90071 Dennis Oakes Senior Vice President - Investor Relations (212) 321-7212 Michael Weiss Director of Communications (301) 841-2918Source:PacWest Bancorp