PacWest Bancorp PACW yesterday announced that on May 3, 2012, it submitted to the board of First California Financial Group, Inc. a merger proposal in which FCAL shareholders would receive $7.25 in PacWest Bancorp common stock for each FCAL share they hold. PacWest's offer represented a 32% premium to FCAL's closing price on May 3, 2012.
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