---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-23-053245"
form_type: "8-K"
ticker: "BANC"
cik: "0001169770"
company_name: "BANC OF CALIFORNIA, INC."
filed_at: "2023-11-14T23:59:59+00:00"
generated_at: "2026-06-08T03:13:26.331490+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# BANC and PACW supplement merger proxy; 11 demand letters, 3 lawsuits, board appointments

## Summary
- BANC and PACW received 11 demand letters from stockholders challenging the merger; three lawsuits filed in federal and state court.
- Complaints allege material omissions in proxy statement; companies deny merit, voluntarily supplement disclosures to moot claims.
- Supplement adds details on merger background: 13 potential acquirers contacted, standstill provisions, exchange ratio calculation.
- On Oct 26, 2023, BANC announced board composition: four BANC directors retiring, three PACW directors and Warburg designee appointed.
- Updated financial analysis shows BANC implied value range of $8.70-$14.42 per share based on earnings multiples.

## SEC filing metadata
- accession: 0001140361-23-053245
- form_type: 8-K
- ticker: BANC
- cik: 0001169770
- company_name: BANC OF CALIFORNIA, INC.
- filed_at: 2023-11-14T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1169770/000114036123053245/0001140361-23-053245-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1169770/000114036123053245/ny20014593x1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-23-053245
- JSON: https://secwatch.observer/filing/0001140361-23-053245.json
- Plain text: https://secwatch.observer/filing/0001140361-23-053245.txt

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