M&A Deal Summary

PacWest Bancorp. Acquires Square 1 Financial

On October 7, 2015, PacWest Bancorp. acquired financial services company Square 1 Financial, Inc. from Castle Creek Capital LLC and Patriot Financial Partners for 815M USD

Acquisition Highlights
  • This is PacWest Bancorp.’s 4th transaction in the Financial Services sector.
  • This is PacWest Bancorp.’s 2nd largest (disclosed) transaction.
  • This is PacWest Bancorp.’s 4th transaction in the United States.
  • This is PacWest Bancorp.’s 1st transaction in North Carolina.

M&A Deal Summary

Date 2015-10-07
Target Square 1 Financial, Inc.
Sector Financial Services
Buyer(s) PacWest Bancorp.
Sellers(s) Castle Creek Capital LLC
Patriot Financial Partners
Deal Type Add-on Acquisition
Deal Value 815M USD

Target

Square 1 Financial, Inc.

Durham, North Carolina, United States
website
Square 1 Bank specializes in providing financial services to entrepreneurs and venture capitalists. Company help growing companies and their investors navigate financial obstacles by providing access to funds and expertise.

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Buyer(S) 1

Buyer

PacWest Bancorp.

Beverly Hills, California, United States

website


Category Company
Founded 1999
SectorFinancial Services
Employees1,700
Revenue 1.1B USD (2020)
DESCRIPTION

PacWest Bank is a provider of commercial banking services, including real estate, construction, and commercial loans, to small and medium-sized businesses. PWB's branches are located throughout California. Pacific Western's divisions CapitalSource, First Community Financial and Pacific Western Equipment Finance, and its subsidiaries BFI Business Finance and Celtic Capital Corporation, deliver a full spectrum of financing solutions nationwide across many industries and property types. PacWest Bank was founded in 1999 and is based in Beverly Hills, California.


DEAL STATS #
Overall 4 of 4
Sector (Financial Services) 4 of 4
Type (Add-on Acquisition) 4 of 4
State (North Carolina) 1 of 1
Country (United States) 4 of 4
Year (2015) 1 of 1
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-08 CapitalSource, Inc.

Chevy Chase, Maryland, United States

CapitalSource, Inc. is a commercial finance company specialized in to the healthcare, re-discount, finance, real estate, and corporate finance sectors. By combining a broad array of financial products, a large and permanent balance sheet, an execution-focused business model and a commitment to rigorous and thoughtful research and analysis, CapitalSource delivers unique and valuable financial solutions to small to mid-size businesses seeking to grow.

Buy $2.3B

Seller(S) 2

SELLER

Castle Creek Capital LLC

Rancho Santa Fe, California, United States

Investor Investor Investor Investor Investor

website


Category Asset Manager
Founded 1992
PE ASSETS 750M USD
SizeMiddle-Market
Type Sector Focused
DESCRIPTION

Castle Creek Capital is a private investment firm that makes control investments in U.S.-based community banks with less than $10 billion of assets. The firm specializes in operating, recapitalizing and strategically refocusing US based banks. Castle Creek targets smaller, healthier banks that are under-performing or lack critical mass. Castle Creek offers the resources to then implement a roll-up acquisition program. Castle Creek Capital LLC was founded in 1992 and is based in Rancho Santa Fe, California.


DEAL STATS #
Overall 8 of 13
Sector (Financial Services) 8 of 13
Type (Add-on Acquisition) 2 of 6
State (North Carolina) 1 of 1
Country (United States) 8 of 13
Year (2015) 2 of 2
Size (of disclosed) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-08 Bridgewater Bancshares, Inc.

Saint Louis Park, Minnesota, United States

Bridgewater Bank is a bank holding company that operates Bridgewater Bank, a full-service bank committed to serving the diverse needs of successful small business owners and entrepreneurs. Bridgewater Banks was founded in 2005 and is based in Saint Louis Park, Minnesota.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-11-21 Carlile Bancshares, Inc.

Forth Worth, Texas, United States

Carlile Bancshares, Inc. is a provider of buying small to regional banks that are looking for shareholder alternatives. Carlile Bancshares, Inc. was established in 2009 and is headquartered in Forth Worth, Texas.

Sell $434M
SELLER

Patriot Financial Partners

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2007
PE ASSETS 500M USD
SizeMiddle-Market
Type Sector Focused
DESCRIPTION

Patriot Financial Partners is a private equity firm focused on acquiring and investing in community based banks, thrifts, and other related financial services companies throughout the US. Patriot is a hands-on investor and seeks firms with assets between $500 million and $5 billion. Patriot Financial Partners was established in 2007 and is headquartered in Philadelphia, Pennsylvania.


DEAL STATS #
Overall 4 of 12
Sector (Financial Services) 4 of 12
Type (Add-on Acquisition) 4 of 10
State (North Carolina) 1 of 1
Country (United States) 4 of 12
Year (2015) 3 of 5
Size (of disclosed) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-07 Radius Bancorp, Inc.

Boston, Massachusetts, United States

Radius Bank is a community bank offering a full complement of convenient, leading-edge personal and business products and services. The Bank serves consumers, small and middle-market businesses, unions, government entities, and non-profit organizations as its core clients. Radius Bancorp is based in Boston, Massachusetts.

Buy $63M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-02 Atlantic Capital Bancshares, Inc.

Atlanta, Georgia, United States

Atlantic Capital is a commercial bank focused on serving middle market corporations, emerging growth businesses, mid-sized real estate developers and investors and the principals of these businesses. Atlantic Capital was formed in 2006 and is based in Atlanta, Georgia.

Sell -