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Two months after the resignation of its chief executive, First PacTrust Bancorp (BANC) is poised to switch chief financial officers.
November 7 -
First PacTrust said Gregory Mitchell , who had been its CEO since November 2010, had resigned. The resignation comes roughly a month after the company said Mitchell would share the CEO title with Steven A. Sugarman.
September 21 -
The parent company of AmericanWest in Spokane, Wash., and PremierWest Bancorp (PRWT) in Medford, Ore., have nearly completed their deal after encountering lackluster support.
March 28
AmericanWest Bank in Spokane, Wash., has agreed to buy eight southern California branches from First PacTrust Bancorp in Irvine, Calif.
AmericanWest will also buy $477 million in deposits from First PacTrust, paying a 2.3% premium, the companies said Monday. The deal is expected to close in the fourth quarter.
The deal will give the $3.8 billion-asset AmericanWest 20 branches in southern California, along with more than 100 branches in Oregon, Washington, Idaho and Utah. The branches are in three counties: Riverside, Los Angeles and San Diego.
Pacific Trust Bank, First PacTrust's bank, has $1.6 billion in assets and 18 branches, all in southern California, according to the Federal Deposit Insurance Corp. It has seen significant management turnover; its
In April, AmericanWest's parent company
AmericanWest also agreed in a separate transaction to sell a branch in Liberty Lake, Wash., to Banner Corp. (BANR) for an undisclosed price. The branch sale should close in the third quarter.
