PacWest Bancorp's purchase of CapitalSource has received regulators' official green light.
The Los Angeles companies said Tuesday that the Federal Reserve Board has approved the $2.3 billion deal. The Fed was the final regulator the companies needed to authorize the merger, which had already received the go-ahead from the Federal Deposit Insurance Corp. and the California Department of Business Oversight.
PacWest (PACW) and CapitalSource (CSE) plan to complete the deal on April 7. The merger was originally expected to close on April 1 but was delayed while the companies awaited the Fed's approval.
PacWest is buying 21 CapitalSource branches in the deal, 12 of which are being closed on April 11 as part of the consolidation, along with a branch owned by PacWest. The remaining CapitalSource branches will reopen as part of Pacific Western Bank on April 14.