CU Bancorp logo

CUNB - CU Bancorp News Story

$37.5 0.0  0.0%

Last Trade - 20/10/17

Sector
Financials
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £86.8m
Position in Universe th / 7408

UPDATE 1-U.S. community bank PacWest to buy CU Bancorp in $705 mln deal

Thu 6th April, 2017 12:25pm
(Adds details, shares) 
    April 6 (Reuters) - Community bank PacWest Bancorp  PACW.O  
said on Thursday it would buy fellow California-based lender CU 
Bancorp  CUNB.O  in a cash-and-stock deal valued at about $705 
million, as it seeks to strengthen its presence in southern 
California. 
    PacWest offered 0.5308 of its shares and $12 in cash for 
each CU Bancorp share, which translates to an offer price of 
$39.45 per CU Bancorp share.  urn:newsml:reuters.com:*:nGNXNSIWFa 
    CU Bancorp's shares closed at $39.50 on Wednesday. 
    The combined company will have 87 branches and about $25 
billion in assets. 
    CU Bancorp owns California United Bank, a private lender to 
small to medium sized businesses in southern California. PacWest 
Bancorp operates throughout California through its sole unit, 
Pacific Western Bank. 
    The deal is expected to close in the fourth quarter this 
year, the banks said. 
    Keefe, Bruyette & Woods was financial adviser to CU Bancorp, 
while Sandler O'Neill + Partners LP advised PacWest. 
 
 (Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak 
Dasgupta and Sai Sachin Ravikumar) 
 ((sruthi.shankar@thomsonreuters.com; within U.S. +1 646 223 
8780; outside U.S. +91 80 6749 6328; Reuters Messaging: 
sruthi.shankar.reuters.com@reuters.net)) 
 
Keywords: CU BNCRP M&A/PACWEST
© Stockopedia 2022, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.