UPDATE: PacWest, CapitalSource Report Merger Valued at ~$2.3B

PacWest Bancorp PACW ("PacWest") and CapitalSource Inc. CSE ("CapitalSource") today announced the signing of a definitive agreement and plan of merger (the "Agreement") whereby PacWest and CapitalSource will merge in a transaction valued at approximately $2.3 billion. The combined company will be called PacWest Bancorp and the combined subsidiary bank will be called Pacific Western Bank. The CapitalSource national lending operation will continue to do business under the name CapitalSource as a division of Pacific Western Bank.