Banc of California merges with PacWest in all-stock deal; Warburg Pincus & Centerbridge invest $400M

BANC OF CALIFORNIA, INC.

PacWest stockholders receive 0.6569 BANC shares per share; combined ~$36B asset bank with 70+ CA branches.
$400M equity raise at $12.30/share from Warburg Pincus and Centerbridge; warrants at $15.375, seven-year term.
Expected 2024E EPS accretion >20%, TBVPS accretion ~3% from balance sheet repositioning and cost savings.
Combined company to repay ~$13B wholesale borrowings, target pro forma CET1 ratio >10%.
Jared Wolff remains CEO; John Eggemeyer becomes Chairman; combined board includes 8 from BANC, 3 from PACW, 1 from Warburg.

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