Banc of California merges with PacWest; investors inject $400M at $12.30/share

BANC OF CALIFORNIA, INC.

PacWest stockholders to receive 0.6569 BANC shares per PACW share; preferred converts to new BANC preferred.
Warburg Pincus and Centerbridge invest $400M at $12.30/share; warrants at $15.375 with 7-yr term.
Combined bank will operate as Banc of California, headquartered in Los Angeles; BANC CEO to lead.
Board: 8 from BANC, 3 from PacWest, 1 Warburg nominee; PacWest lead director to become chairman.
Deal expected to close late 2023/early 2024, subject to regulatory and stockholder approvals.

item 1.01 item 3.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

BANC OF CALIFORNIA, INC. entered into Agreement and Plan of Merger with PacWest Bancorp (effective 2023-07-25).

Action: entry
Agreement: merger
Counterparty: PacWest Bancorp
Effective: 2023-07-25

Exact text from the filing

On July 25, 2023, Banc of California, Inc., a Maryland corporation (“ Banc of California ”), PacWest Bancorp, a Delaware corporation (“ PacWest ”), and Cal Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of Banc of California (“ Merger Sub ”), entered into an Agreement and Plan of Merger (the “ Merger Agreement ”).

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BANC OF CALIFORNIA, INC. filing history →

Source: SEC EDGAR

accession 0001140361-23-036791

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