A Manatt team led by Barbara Polsky and Craig Miller, co-chairs of the firm’s financial services practice, represented CU Bancorp in the merger transaction with PacWest. The deal is valued at approximately $705 million.
The transaction is expected to close in the fourth quarter of 2017, creating a combined company that will have approximately $25 billion in assets and 87 branches, prior to contemplated consolidations.
CU Bancorp is the parent of California United Bank, which provides a full range of financial services, including credit and deposit products, cash management, and internet banking to businesses, non-profits, entrepreneurs, professionals and investors throughout Southern California. Founded in 2005, the bank operates out of its headquarters in downtown Los Angeles.
In addition to Polsky and Miller, the deal team included partners David Herbst, Sandi King and Jeff Mannisto, with associates Jessica Iwasaki and Agata Troy.