PacWest Buys El Dorado for $466.7M

PacWest to Enter Northern Calif. With El Dorado Savings Purchase
– American Banker

As reported by American Banker, Manatt represented El Dorado Savings Bank in its sale to PacWest Bancorp. The Manatt team was led by Craig Miller, a co-chair in the firm’s financial services transactions practice, and Jessica Iwasaki and Agata Troy, associates in the firm’s corporate and finance practice.

PacWest announced that it would buy El Dorado for $466.7 million in cash and stock. The publication noted that PacWest plans to cut 17% of El Dorado’s noninterest expenses and gain $35 million in merger-related expenses while keeping open all of El Dorado’s 35 Northern California and two Nevada branches. After the acquisition is completed in the first quarter of 2019, PacWest will have over $26 billion in assets.

In addition to Miller, Iwasaki and Troy, the Manatt team included partners David Herbst, Sharon Bauman, Peter Duchesneau, Ellen Marshall, Brian Kelly, Jeffrey Mannisto and Anita Sabine, and associate Eugene Choi.