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The new owner says no branch closings are envisioned.

El Dorado Savings Bank – Rancho Murieta’s bank – has been acquired by PacWest Bancorp in a transaction valued at $466.7 million, according to a Nasdaq announcement Wednesday.

From the announcement:

El Dorado Savings, based in Placerville, was founded in 1958 and has approximately $2.2 billion in assets and 35 branches located primarily in eight Northern California counties. With this purchase, El Dorado will be merged into Pacific Western Bank, the principal operating subsidiary of PacWest Bancorp, which is based in Beverly Hills. The merger will create a combined operation with assets of $26.7 billion.

In addition to Rancho Murieta, El Dorado has nearby branches in Elk Grove, Plymouth, Folsom, El Dorado Hills and East Sacramento.

The transaction, which has been approved by the PacWest and El Dorado boards of directors, is expected to close early next year and is subject to the usual closing conditions, including obtaining approval by stockholders and regulatory agencies. John Cook, president of El Dorado, will assume the position of regional president of the Central Valley-Sierra Region of Pacific Western Bank's community bank division upon closing of the merger.

PacWest said it doesn’t anticipate any El Dorado branches to be closed as a result of the merger. “In addition,” the announcement said, “PacWest expects to continue the El Dorado commitment to local communities through financial contribution and employee volunteerism.”

Pacific Western has 74 branch banks, the nearest in Fresno.

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El Dorado Savings Bank sale called off

El Dorado Savings Bank shareholders didn't approve of a sale to PacWest Bancorp of Beverly Hills, the Business Journal reported. A majority of shares were voted in favor of the deal, El Dorado Savings chairman Tom Meuser told the Journal this month, but under federal banking rules, a thrift like ElDorado Savings requires two-thirds approval, which this deal didn't get.

The Business Journal story, from Jan. 10: PacWest Bancorp acquisition of El Dorado Savings Bank is off - Sacramento Business Journal


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