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PacWest Bancorp Announces Early Termination of All FDIC Loss Share Agreements

LOS ANGELES, May 13, 2016 (GLOBE NEWSWIRE via COMTEX) --

PacWest Bancorp (the "Company") PACW, +0.58% announced today that Pacific Western Bank (the "Bank"), a wholly-owned subsidiary of the Company, had entered into an agreement with the Federal Deposit Insurance Corporation (the "FDIC") to terminate all existing loss share agreements with the FDIC as of May 12, 2016. These loss share agreements were entered into by the Bank in 2009 and 2010 in conjunction with the Bank acquiring substantially all the assets and assuming substantially all the liabilities of two failed banks in FDIC-assisted acquisitions and in conjunction with the Bank assuming the loss share agreements of two failed banks pursuant to its acquisition of First California Bank in May 2013. The Company paid the FDIC $7.9 million to terminate the agreements. The Company will...


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