El Dorado Savings Bank has been bought by a Los Angeles-based banking company in a $467 million transaction, according to reports by multiple finance and business news outlets early Wednesday morning.
PacWest Bancorp and the El Dorado bank announced the signing of a merger agreement in which the latter was acquired for $466.7 million, according to a Nasdaq press release.
El Dorado Savings Bank has 30 offices in Northern California and five in Nevada, according to its website, and none are expected to be closed or consolidated following the merger, the press release said.
These branches will join 74 California branches of Pacific Western Bank, which has one additional branch in North Carolina, according to the PacWest website.
The merger will give PacWest a total of about $26.7 billion in assets, approximately $2.2 billion of that coming from the El Dorado bank.
“We believe a merger with PacWest provides an excellent outcome for our stakeholders,” El Dorado Savings Bank Chairman Tom Mesuer said in a prepared statement. “PacWest is among the best-performing banks in the country with a stellar merger integration track record.”
The transaction has been approved by both boards of directors and is expected to close in the first quarter of 2019, the news release said.
El Dorado Savings Bank was established in 1958. PacWest Bancorp first incorporated in 1999.