secwatch.observer — SEC 8-K summary
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Issuer:     BANC OF CALIFORNIA, INC. (BANC)
CIK:        0001169770
Form:       8-K
Filed at:   2023-07-28T23:59:59+00:00
Accession:  0001140361-23-036791
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.95
Item codes: 1.01, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1169770/000114036123036791/0001140361-23-036791-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1169770/000114036123036791/brhc20056446_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-23-036791

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer