---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-23-036080"
form_type: "8-K"
ticker: "BANC"
cik: "0001169770"
company_name: "BANC OF CALIFORNIA, INC."
filed_at: "2023-07-25T23:59:59+00:00"
generated_at: "2026-06-13T02:51:36.566762+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001140361-23-036080
- form_type: 8-K
- ticker: BANC
- cik: 0001169770
- company_name: BANC OF CALIFORNIA, INC.
- filed_at: 2023-07-25T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1169770/000114036123036080/0001140361-23-036080-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1169770/000114036123036080/brhc20056407_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-23-036080
- JSON: https://secwatch.observer/filing/0001140361-23-036080.json
- Plain text: https://secwatch.observer/filing/0001140361-23-036080.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.