First California Financial didn't have to look far to find a buyer, agreeing to sell to PacWest Bancorp in Los Angeles.

PacWest (PACW) will pay $231 million for the Westlake Village, Calif., company, or $8 a share, in an all-stock deal. First California (FCAL) had $2 billion in assets and 15 branches at Sept. 30.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.