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Executives of PacWest had become frustrated with the shortcomings of traditional, deposit-heavy banks when seeking M&A targets. They reached instead for the prospect of loan growth provided by commercial financier CapitalSource.
July 23 -
PacWest has agreed to buy CapitalSource for $2.3 billion, a transaction that would fulfill CapitalSource's longtime goal of becoming a full-fledged bank. It is the year's biggest bank deal.
July 22 -
The rising price of bank targets along the central California coast could make expansion there more difficult, PacWest CEO Matt Wagner recently told investors at a meeting hosted by Sandler O'Neill.
December 14
Matt Wagner, the chief executive of PacWest Bancorp (PACW), proved this week that he can make a joke as well as he can close a deal.
The head of the Los Angeles company and prolific bank buyer rarely speaks with the media. So his conference call Tuesday to discuss PacWest's
Wagner started the call by telling analysts he knew he would get a hard time about hosting a conference call for the first time. Moments later, he zinged Jim Pieczynski, CapitalSource's CEO, who, in a tongue-twisted moment, referred to his company's buyer as "PacSource."
"By the way, the PacSource comment was not meant to be an announcement of a new name," Wagner said.
A bit later, Wagner was the tongue-tied one.
"We talked early about the board compensation or board composition, excuse me," Wagner said. "Compensation we're not going to pay them. Actually, we probably will, but hopefully not that much."
Analysts were not spared, either.
Todd Hagerman of Sterne Agee essentially asked if the companies were downplaying the potential earnings of the combined company.
"Todd, we never like to disappoint," Wagner said.
Julianna Balicka of Keefe Bruyette & Woods asked very detailed questions. Wagner said he should have been taking notes.
"You didn't leave anything out, Julianna," Wagner said. "That was like 11 questions."
