Pacific Western Bank acquires Civic Financial Services

Beverly Hills, Calif.-based Pacific Western Bank, a subsidiary of PacWest Bancorp, acquired Redondo Beach, Calif.-based Civic Financial Services LLC from Wedgewood Inc.

Financial terms of the deal were not disclosed. Civic Financial is an institutional private lender specializing in residential business-purpose loans, according to the news release announcing the deal.

Pacific Western Bank hopes the acquisition can build on its strategy to expand its lending portfolio and diversify revenue. "This acquisition creates an opportunity for us to grow in the private lending space," Pacific Western Bank President and CEO Matt Wagner said in the news release.

Civic Financial will operate as a wholly owned subsidiary of Pacific Western Bank, and William Tessar will continue to serve as the firm's president.

Civic Financial was founded in 2014 through a partnership between Wedgewood and one of its subsidiaries, HMC Assets.