From Earlier: PacWest Bancorp Discloses Proposal to Acquire First California Financial Group in an All-Stock Merger for $7.25 Per Share

PacWest Bancorp

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.