PacWest Acquires Affinity Bank Through FDIC
Pacific Western Bank, a wholly owned subsidiary PacWest Bancorp, purchased substantially all Affinity's assets and assumed substantially all of its liabilities on Aug. 28 when the California Department of Financial Institutions shut down Affinty and appointed the FDIC as receiver.
The FDIC and Pacific Western agreed to a loss-share transaction on approximately $934 million of Affinity Bank's assets. The bank said it paid...
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