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PacWest Bancorp and Square 1 Financial, Inc. Announce Receipt of Final Regulatory Approvals

LOS ANGELES, Sept. 21, 2015 (GLOBE NEWSWIRE) -- PacWest Bancorp (NASDAQ:PACW) (“PacWest”) and Square 1 Financial, Inc. (NASDAQ:SQBK) (“Square 1”) today announced that all required regulatory approvals for the mergers of Square 1 into PacWest and Square 1 Bank into Pacific Western Bank have been received. Subject to the satisfaction of customary closing conditions, the mergers are expected to be consummated at the close of business on Tuesday, October 6, 2015.

FORWARD-LOOKING STATEMENTS

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 Square 1’s current expectations with respect to the timing of closing of the merger, no assurances can be given that the merger will be completed on the date indicated above.

ABOUT PACWEST BANCORP

PacWest Bancorp (“PacWest”) is a bank holding company with over $16 billion in assets with one wholly-owned banking subsidiary, Pacific Western Bank (“Pacific Western”) with two operating Divisions. With 80 full-service branches located throughout the state of California, Pacific Western’s Community Banking Division provides commercial banking services, including real estate, construction, and commercial loans, and comprehensive deposit and treasury management solutions to small and medium-sized businesses. The CapitalSource Division provides cash flow, asset based and real estate loans and treasury management services to middle market clients throughout the United States. For more information about PacWest, visit www.pacwestbancorp.com.

ABOUT SQUARE 1 FINANCIAL

Square 1 Financial is a financial services company focused primarily on serving entrepreneurs and their investors with $3.9 billion in assets. Square 1 Financial is headquartered in Durham, North Carolina with 14 loan production offices located in key innovation hubs across the United States. Square 1 Bank, which was formed by experienced venture bankers commercial bankers and entrepreneurs, offers a full range of banking and financial products focused on the entrepreneurial community and their venture capital and private equity investors. Since inception, Square 1 Financial has operated as a highly focused venture bank offering clients venture, commercial and international banking services, asset-based lending programs and SBA and USDA commercial and real estate loans. Square 1 also provides investment advisory and asset management services through Square 1 Asset Management, a subsidiary of Square 1 Bank. More information can be found at www.square1financial.com.

PacWest Bancorp 10250 Constellation Blvd., Suite 1640 Los Angeles, CA 90067 Contacts: Matthew P. Wagner Chief Executive Officer (310) 728-1020 Patrick J. Rusnak Executive Vice President and CFO (714) 989-4705 Square 1 Financial, Inc. 406 Blackwell Street, Suite 240 Durham, NC 27701 Contacts: Douglas H. Bowers President and Chief Executive Officer (919) 627-6339

Source:PacWest Bancorp;Square 1 Financial, Inc.