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PacWest-El Dorado deal terminated as shareholders reject proposal

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PacWest-El Dorado deal terminated as shareholders reject proposal

The previously announced acquisition of Placerville, Calif.-based El Dorado Savings Bank FSB by Beverly Hills, Calif.-based PacWest Bancorp has been called off.

The definitive agreement between the two banks was terminated after the transaction failed to secure two-thirds affirmative votes at the El Dorado special shareholders meeting Jan. 9.

El Dorado Chairman Tom Meuser said in a recent filing that the "unexpected recent decline in bank stocks — which significantly reduced the nominal value of the proposed stock and cash transaction — has affected shareholder support."

The deal was announced Sept. 12, 2018, and was valued at approximately $466.7 million.

Under the terms of the agreement, neither party is responsible for paying the other as a result of the termination.