8-K
filed November 22, 2023, 6:59 PM ET
ticker BANC
CIK 0001169770
M&A
confidence high
sentiment positive
materiality 0.85
Banc of California and PacWest receive stockholder approvals; merger expected to close Nov 30
BANC OF CALIFORNIA, INC.
- Each company's stockholders voted >98% in favor of the merger proposal.
- Closing expected on or around November 30, 2023, subject to conditions.
- Combined company pro forma: ~$36B assets, $25B loans, $30B deposits, 70+ branches in CA, NC, CO.
- Stockholders approved A&R 2018 Omnibus Stock Incentive Plan with 6.3M new shares.
- Exemption from ownership limit approved for Warburg Pincus and Centerbridge investors.
Key facts
Extracted from this filing and checked against the source text.
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
BANC OF CALIFORNIA, INC. shareholders approved Approval of amendment and restatement of Banc of California, Inc. 2018 Omnibus Stock Incentive Plan.
- Proposal
- equity plan
- Outcome
- passed
Exact text from the filing
Item 2 - Banc of California Incentive Plan Proposal . A proposal to approve the amendment and restatement of Banc of California’s existing 2018 Omnibus Stock Incentive Plan, to be renamed the Amended and Restated Banc of California, Inc. 2018 Omnibus Stock Incentive Plan
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
BANC OF CALIFORNIA, INC. shareholders approved Approval of issuance of Banc of California common stock to PacWest stockholders and to investors pursuant to investment agreements.
- Proposal
- merger approval
- Outcome
- passed
Exact text from the filing
Item 1 - Banc of California Issuance Proposal . A proposal to approve (i) the issuance of Banc of California common stock to holders of PacWest common stock pursuant to the Merger Agreement, and (ii) the issuance of Banc of California common stock, a new class of non-voting, common-equivalent stock of Banc of California and certain warrants to affiliates of funds managed by Warburg Pincus LLC
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
BANC OF CALIFORNIA, INC. shareholders approved Approval of amendment to Section F of Article 6 of the Banc of California Charter to exempt Warburg Investors and affiliates from certain provisions.
- Proposal
- charter amendment
- Outcome
- passed
Exact text from the filing
Item 3 - Banc of California Exemption Amendment Proposal . A proposal to approve the amendment of Section F of Article 6 of the Second Articles of Restatement of Banc of California
View on SEC.gov
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