El Dorado Savings Bank Will Stay El Dorado Savings Bank For Now

El Dorado Savings Bank Will Stay El Dorado Savings Bank For Now

El Dorado Savings Bank will stay El Dorado Savings Bank, at least for now. Last September PacWest Bancorp announced it intended to acquire El Dorado Savings Bank pending shareholder approval, but that deal has fallen through. PacWest Bancorp terminated the merger agreement after a special shareholders’ meeting held Jan. 9th. El Dorado Savings Chairman Tom Meuser said shareholders’ support was affected by a recent and unexpected decline in bank stocks, which reduced the cash value of each shareholders stock. In September, each share was around $50. During the merger process, values had fallen as low as $31 a share. As of Tuesday they had since climbed to $39 per share. Had the transaction gone through, the transition would have begun in spring of this year. Officials did not anticipate branch closures or employee layoffs at that point, and said not much else besides the bank’s signs would be changing. So for now El Dorado Savings will return to regular operations like issuing real estate loans and handling deposits, and if a larger bank presents an opportunity to acquire the bank, Meuser said they have a financial responsibility to look into the option, but it’s not something the bank will seek out at this point. El Dorado Saving Bank, headquartered in Placerville, has 31 branches across Northern California and four in Nevada.

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