M&A Deal Summary

PacWest Bank Acquires Square 1 Financial

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

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

M&A Deal Summary

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

Target

Square 1 Financial

Durham, North Carolina, United States
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 Bank

Beverly Hills, California, United States

Category Company
Founded 1999
Sector Financial Services
Employees2,400
Revenue 1.3B USD (2022)
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 5
Sector (Financial Services) 4 of 5
Type (Add-on Acquisition) 4 of 5
State (North Carolina) 1 of 1
Country (United States) 4 of 5
Year (2015) 1 of 1
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-08 CapitalSource

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
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-02 CIVIC Financial Services

Redondo Beach, California, United States

CIVIC Financial Services is an institutional private money lender specializing in the financing of non-owner-occupied investment properties. CIVIC helps investors leverage opportunities to grow their real estate portfolios. As a direct lender, CIVIC offers an array of financing solutions for retail, wholesale, and correspondent channels. CIVIC Financial Services was formed in 2014 and is based in Redondo Beach, California.

Buy -

Seller(S) 2

SELLER

Castle Creek Capital

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1992
PE ASSETS 750M USD
Size Middle-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 15
Sector (Financial Services) 8 of 15
Type (Add-on Acquisition) 2 of 7
State (North Carolina) 1 of 1
Country (United States) 8 of 15
Year (2015) 2 of 2
Size (of disclosed) 1 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-08 Bridgewater Bank

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

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


Category Private Equity Firm
Founded 2007
PE ASSETS 1.3B USD
Size Large
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 businesses with assets between $500 million and $5 billion. Patriot Financial Partners was established in 2007 and is headquartered in Radnor, Pennsylvania.


DEAL STATS #
Overall 4 of 14
Sector (Financial Services) 4 of 14
Type (Add-on Acquisition) 4 of 11
State (North Carolina) 1 of 1
Country (United States) 4 of 14
Year (2015) 3 of 5
Size (of disclosed) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-07 Radius Bancorp

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

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 founded in 2006 and is based in Atlanta, Georgia.

Sell -