Subsequent Events

3 Months Ended

Mar. 31, 2012

Subsequent Events [Abstract]

Subsequent Events

Note 16 – Subsequent Events

On April 10, 2012, the Bank announced the signing of a definitive agreement to acquire American Perspective Bank, a state-chartered bank headquartered in San Luis Obispo, California, for $10.00 per share in cash, giving the acquisition a total value of approximately $44.7 million. On April 30, 2012, PacWest Bancorp announced that its subsidiary, Pacific Western Bank, intends to acquire American Perspective Bank in a deal valued at approximately $58 million. The PacWest offer is 30% higher than Bank's offer. Under the terms of the agreement between the Bank and American Perspective Bank, American Perspective Bank will pay a termination fee of $1.6 million to the Bank, which is due within 30 days of April 30, 2012.