Banc of California & PacWest receive final regulatory approvals for merger; close expected by end-2023

BANC OF CALIFORNIA, INC.

Federal Reserve and California DFPI granted approval; no further regulatory approvals required.
Transaction expected to close before end of 2023, subject to stockholder approvals.
Combined pro forma: ~$36B assets, $25B loans, $30B deposits, 70+ branches in CA, NC, CO.
Merger agreement signed July 25, 2023; includes equity investment from Warburg Pincus and Centerbridge.

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