Banc of California acquires Deepstack payment platform for $24M in cash and stock

BANC OF CALIFORNIA, INC.

Acquisition of Deepstack's payments platform for $24M (70% cash, 30% stock at $17.46/share).
Expected to be neutral to 2023 consensus EPS, accretive thereafter; ~2.7% dilutive to TBV per share.
Deal includes three-year earn-out from operating profits; Deepstack's 11 employees join Banc of California.
Jayme Amirie remains President of Deepstack as an operating subsidiary; three executives sign 3-year agreements.
Expands into payment processing, adds high-margin fee income and noninterest-bearing deposits.

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