PacWest Bancorp to Buy Square 1 for $849 million

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Century City’s PacWest Bancorp has announced it will acquire Square 1 Financial for around $849 million in an all-stock deal, Reuters reports. The combined company would be headquartered in Los Angeles and have about $19.8 billion in assets and 80 branches in California. Square 1 Financial is based in Durham, N.C. and is a major lender to companies in the tech and biotech industries.

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