NOTE 2—ACQUISITIONS

We completed the following acquisitions during the time period of January 1, 2012 to March 31, 2013, using the acquisition method of accounting, and accordingly, the operating results of the acquired entities have been included in our condensed consolidated financial statements from their respective dates of acquisition. The acquired balance sheets are presented at estimated fair value as of their respective acquisition dates:

	Acquisition and Date Acquired

	American Perspective Bank		Celtic Capital Corporation		Pacific Western Equipment Finance
	August 2012		April 2012		January 2012
	(In thousands)
Assets Acquired:
Cash and due from banks	$	3,370	$	3,435	$	7,092
Interest-earning deposits in financial institutions		10,081		—		—
Investment securities available-for-sale		48,887		—		—
FHLB stock		1,412		—		—
Loans and leases		197,279		54,963		140,959
Other real estate owned		1,561		—		—
Goodwill		15,047		6,645		19,033
Core deposit and customer relationship intangibles		1,924		1,300		1,700
Other intangible assets		—		670		1,420
Leases in process		—		—		19,162
Other assets		4,234		69		467

Total assets acquired	$	283,795	$	67,082	$	189,833

Liabilities Assumed:
Noninterest-bearing deposits	$	40,673	$	—	$	—
Interest-bearing deposits		178,891		—		—
Borrowings from parent		—		—		128,677
Other borrowings		5,315		46,804		15,839
Accrued interest payable and other liabilities		840		2,278		10,317

Total liabilities assumed	$	225,719	$	49,082	$	154,833

Cash consideration paid	$	58,076	$	18,000	$	35,000

American Perspective Bank Acquisition

On August 1, 2012, Pacific Western completed the acquisition of American Perspective Bank, or APB, previously headquartered in San Luis Obispo, California. Pacific Western acquired all of the outstanding common stock of APB for $58.1 million in cash and APB was merged with and into Pacific Western; we refer to this transaction as the APB acquisition. APB operated two branches located in San Luis Obispo and Santa Maria, California, and a loan production office located in Paso Robles, California, which has since been converted to a full-service branch. The APB acquisition strengthens our presence in the Central Coast region.

Celtic Capital Corporation Acquisition

On April 3, 2012, Pacific Western completed the acquisition of Celtic Capital Corporation, or Celtic, an asset-based lending company based in Santa Monica, California. Pacific Western acquired all of the capital stock of Celtic for $18 million in cash and Celtic became a wholly-owned subsidiary of Pacific Western; we refer to this transaction as the Celtic acquisition. Celtic focuses on providing asset-based loans to borrowers across the United States for amounts generally up to $5 million. The Celtic acquisition diversified our loan portfolio, expanded our product lines, and deployed excess liquidity into higher yielding assets.

Pacific Western Equipment Finance Acquisition

On January 3, 2012, Pacific Western completed the acquisition of Pacific Western Equipment Finance (formerly known as Marquette Equipment Finance, and which we refer to as EQF), an equipment leasing company based in Midvale, Utah. Pacific Western acquired all of the capital stock of EQF for $35 million in cash and EQF became a division of Pacific Western; we refer to this transaction as the EQF acquisition. The EQF acquisition diversified our lending portfolio, expanded our product lines, and deployed excess liquidity into higher yielding assets.