Banc of California completed the merger with PacWest in a c. $1.15bn deal.

Banc of California, a provider of a full-service banking and home lending to individuals and their businesses and families, completed the merger with PacWest, a bank holding company headquartered in Los Angeles, California, in a c. $1.15bn deal. Warburg Pincus and Centerbridge Partners will invest an aggregate of $400m for newly issued equity securities concurrently with, and subject to, closing of the merger. “This transformational merger will create a robust, well-capitalized and highly liquid institution poised to deliver exceptional service to even more California businesses and communities. We believe both Banc of California and PacWest stockholders will benefit from the compelling economics of the combined company and its enhanced ability to deliver profitable and sustainable growth. Out of the gate, the combined company will have the strength and market position to support the banking needs of small and medium-size businesses in California and to capitalize on the opportunities created for stronger financial institutions in the wake of the recent banking industry turmoil,” Jared Wolff, Banc of California President and CEO. On October 19, 2023, Banc of California receives final regulatory approval for its merger with PacWest Bancorp.