First California Responds to PacWest Bancorp's Unsolicited Proposal
09 5월 2012 - 8:27PM
Marketwired
First California Financial Group, Inc. (NASDAQ: FCAL), the holding
company of First California Bank, today announced, in response to
PacWest Bancorp's unsolicited and highly conditional offer to
acquire First California Financial Group for shares of PacWest
common stock, First California stated that its Board of Directors
promptly reviewed the proposal and sought further clarifying
information from PacWest concerning the terms and value of the
proposal and related matters. However, PacWest failed to provide
satisfactory answers to those questions and refused to enter into a
nondisclosure agreement that did not contain an exclusivity
provision. The First California Board did not believe that it was
in the best interests of stockholders to grant exclusivity to
PacWest in the absence of satisfactory clarification of the terms
and value of its proposal and taking into account the other
strategic alternatives that First California may pursue, including
discussions with third parties.
About First California First California
Financial Group, Inc. (NASDAQ: FCAL) is the holding company of
First California Bank. Founded in 1979 and with nearly $2 billion
in assets, First California serves the comprehensive financial
needs of small- and middle-sized businesses and high net worth
individuals throughout Southern California. Led by an experienced
team of bankers, First California is committed to providing the
best client service available in its markets, offering a full line
of quality commercial banking products through 19 full-service
branch offices in Los Angeles, Orange, Riverside, San Bernardino,
San Diego, San Luis Obispo and Ventura counties.
For further Information: At the Company: Ron Santarosa
805-322-9333 At PondelWilkinson: Robert Jaffe/Roger Pondel
310-279-5969 Corporate Headquarters Address: 3027 Townsgate Road,
Suite 300 Westlake Village, CA 91361
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