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-Pacwest to take over American Perspective Bank.

Global Banking News-May 2, 2012--Pacwest to take over American Perspective Bank(C)2012 ENPublishing -

Global Banking News - 02 May 2012

Los Angeles-based PacWest Bancorp is to purchase American Perspective Bank.

San Luis Obispo-based American Perspective has terminated a purchase agreement with Umpqua Bank (NASDAQ: UMPQ) and will pursue a sale agreement with PacWest Bancorp. It will pay a termination fee of USD1.6 million to Umpqua Bank to go ahead with the new deal, which it described as an offer with a significant premium.

Mark Crawford, president and chief executive officer of American Perspective Bank, said, 'Pacific Western Bank is a strong, stable California bank with a meaningful presence in the Central Coast, including San Luis Obispo County. Our customers and employees will benefit greatly from the merger of our two organisations.''

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Publication:Global Banking News (GBN)
Date:May 2, 2012
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