Bank of California chief executive, Steven Sugarman, said the sale “reshapes PacTrust Bank’s retail branch network to focus on serving small- to mid-sized businesses and high net worth families throughout Los Angeles, Orange and San Diego counties.”

The following PacTrust Bank branches were sold in the transaction: Riverside and Temecula ; California Chula Vista , El Cajon , and San Diego/Clairemont ; and one branch in Lakewood

The transaction resulted in a transfer of some $464 million worth of deposits to AmericanWest Bank. The firm said that certain other assets related to the branches were also acquired as a part of the transaction including the sale of the real estate for three of the branch locations and certain home equity lines of credit related to some of the deposit accounts.