Placerville, CA — A longtime Northern California financial institution, which has multiple branches in the Mother Lode, has been sold as part of a merger acquisition.
El Dorado Savings Bank, which is based in Placerville and has 30 offices in the state, has been sold to PacWest Bancorp. El Dorado Savings Bank was founded in 1958 and has branches in Twain Harte, Arnold, Murphys, San Andreas and Jackson. PacWest announces that all of the branches are expected to remain open, however, they will likely be re-branded.
PacWest, based in Los Angeles, acquired the assets for $466-million. The merger/acquisition will give PacWest $27.6-billion in assets, with $2.2-billion coming from El Dorado Savings Bank.