Western Bancorp Extends Reach Into L.A. With Buy
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Western Bancorp said Monday it completed its acquisition of Bank of Los Angeles for about $72.2 million in stock, expanding its reach in the Los Angeles area.
The transaction was announced in April but delayed in September to resolve a lawsuit against Bank of Los Angeles by Smart Clothes Inc., a clothing manufacturer and borrower from the bank. The suit has been settled but terms of the agreement were not released.
The purchase of the Los Angeles thrift adds three branches to Western’s network, giving it 32 in Southern California.
Newport Beach-based Western has been on a buying spree as it expands its California banking presence and financial services offerings. In July, it agreed to buy Peninsula Bank of San Diego for $113.8 million and three weeks ago agreed to purchase PNB Financial Group Inc. for $74.2 million.
Western, parent of Santa Monica Bank and Southern California Bank, is issuing about 2.21 million shares of its common stock to Bank of Los Angeles shareholders. The stock was unchanged at $32.63 a share Monday in Nasdaq trading.
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