PacWest Bancorp announced the completion of its merger with CU Bancorp, effective on October 20, 2017. In conjunction with this merger, California United Bank, a wholly-owned subsidiary of CUB, was merged with and into PacWest’s banking subsidiary, Pacific Western Bank. Matt Wagner, PacWest and Pacific Western Bank CEO, stated, “We believe the CUB acquisition significantly enhances our Southern California community bank franchise with the addition of $2.7bn of core deposits, a high-quality loan portfolio totaling $2.1bn and a team of very experienced bankers.” Under the terms of the Agreement and Plan of Merger, each CUB common share, except dissenting shares, and each restricted stock award was converted into the right to receive 0.5308 of a share of PacWest common stock and $12.00 in cash, and each outstanding CUB stock option will be settled in cash pursuant to terms of the Agreement and Plan of Merger. PacWest is issuing an aggregate of approximately 9.3m shares of PacWest common stock and paying approximately $224m in cash to CUB common shareholders and equity award holders. Based on the closing price of PacWest’s common stock on October 20, 2017 of $47.99 per share, the aggregate consideration payable to CUB common shareholders and equity awards holders is approximately $681m.