---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-23-036791"
form_type: "8-K"
ticker: "BANC"
cik: "0001169770"
company_name: "BANC OF CALIFORNIA, INC."
filed_at: "2023-07-28T23:59:59+00:00"
generated_at: "2026-06-12T22:50:31.164982+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.95
calibrated_materiality_score: 0.95
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001140361-23-036791
- form_type: 8-K
- ticker: BANC
- cik: 0001169770
- company_name: BANC OF CALIFORNIA, INC.
- filed_at: 2023-07-28T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.95
- calibrated_materiality_score: 0.95
- confidence: high
- sec_items: 1.01, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1169770/000114036123036791/0001140361-23-036791-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1169770/000114036123036791/brhc20056446_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-23-036791
- JSON: https://secwatch.observer/filing/0001140361-23-036791.json
- Plain text: https://secwatch.observer/filing/0001140361-23-036791.txt

## Key facts
- Material Agreements
  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
  source text: 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 ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1169770/000114036123036791/0001140361-23-036791-index.htm

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