secwatch.observer — SEC 8-K summary
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Issuer:     BANC OF CALIFORNIA, INC. (BANC)
CIK:        0001169770
Form:       8-K
Filed at:   2023-07-25T23:59:59+00:00
Accession:  0001140361-23-036080
Event type: m_and_a
Sentiment:  positive
Materiality: 0.90
Item codes: 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1169770/000114036123036080/0001140361-23-036080-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1169770/000114036123036080/brhc20056407_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-23-036080

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