PacWest Bancorp and CapitalSource provided an update on the expected timing for closing of their merger. PacWest and CapitalSource have received the requisite approvals from the FDIC and the California Department of Business Oversight and expect to consummate the transaction promptly following receipt of the requisite approval of the Board of Governors of the Federal Reserve System.

The Federal Reserve Board approval does not require a 15-day waiting period before the merger can be closed. PacWest and CapitalSource do not currently expect to receive Federal Reserve Board approval in time to complete the merger on April 1, as previously disclosed. The parties have no reason to believe, however, that Federal Reserve Board approval will not be received in the near term. Once the Federal Reserve Board approval is received, the companies will announce that event and the closing date of the merger.

Previously on monitordaily: PacWest Acquires CapitalSource in $2.3B Deal, July 23, 2013