Eight months after bidding its way into the central coast of California, PacWest Bancorp (PACW) executives think the rising valuations of banks there could make further expansion too costly.

That was one of the highlights of a meeting this week of investors with Matt Wagner, PacWest's chief executive, and Victor Santoro, its chief financial officer, according to a research note Friday by Aaron James Deer, an analyst with Sandler O'Neill. Sandler hosted the meeting.

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