El Dorado Savings Bank to become Pacific Western Bank

PacWest Bancorp and El Dorado Savings Bank have announced the signing of a definitive agreement and plan of merger whereby PacWest will acquire El Dorado Savings in a transaction valued at approximately $466.7 million.

PacWest owns Pacific West Bank which will be the new names of El Dorado branches.

The sale is expected to become final by the first quarter of 2019. The transaction, which was approved by the PacWest and El Dorado boards of directors, is subject to customary closing conditions, including obtaining approval by El Dorado’s stockholders and bank regulatory authorities.

At this time no services are expected to change in South Lake Tahoe, just a new name but same staff.

El Dorado Savings Bank opened for business in Placerville in January of 1958 and as of June 2018 they had $2.2 billion in assets, $1.92 billion in savings deposits, capital of $228.5 million, representing 10.35% of assets, and after tax income of $9.7 million for the first half of 2018.

El Dorado Savings Bank stockholders will receive at closing 58.2209 Shares of PacWest Common Stock and $427.92 in cash for each share of El Dorado Saving stock. This total transaction is valued at approximately $466.7 million.