In another major banking move in California, Pacific Western Bank Monday announced it has reached an agreement to take over CapitalSource Bank. What is being called a blockbuster merger will serve to eliminate CapitalSource, which had specialized in providing high-yield savaings accounts. Pacific Western specializes in writing loans for small businesses, and offers few deposit accounts that actually pay any interest -- most of its adeposit accounts are transactional checking accounts for business clients. PacWest to acquire CapitalSource in $2.3-billion L.A. bank merger - latimes.com
The merger is expected to be completed in the first quarter of 2014. PacWest CEO Matthew P. Wagner will remain in that position after the merger. CapitalSource CEO James J. Pieczynski will be president of a new CapitalSource division of PacWest, overseeing loan operations.