PacWest Acquires Affinity Bank Through FDIC

Law360, New York (August 31, 2009, 4:31 PM EDT) -- Pacific Western Bank swooped in to acquire Ventura, Calif.-based Affinity Bank through a Federal Deposit Insurance Corp.-assisted transaction after Affinity entered receivership Friday.

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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