Banc of California Announces Quarterly Dividends

Rhea-AI Summary

Banc of California, Inc. (NYSE: BANC) has declared a quarterly cash dividend of $0.06 per share on its common stock, payable on January 3, 2022, to stockholders of record as of December 15, 2021. Additionally, a quarterly dividend of $0.4375 per depositary share on the 7.00% Series E Non-Cumulative Perpetual Preferred Stock will be paid on December 15, 2021. The company also offers a Dividend Reinvestment Plan (DRIP) allowing stockholders to purchase shares at a 3% discount.

Positive

• Quarterly cash dividend of $0.06 enhances income for shareholders.
• DRIP program offers shares at a 3% discount, benefiting stockholders.

Negative

• None.

SANTA ANA, Calif.--(BUSINESS WIRE)-- Banc of California, Inc. (NYSE: BANC), today announced that its Board of Directors has declared a quarterly cash dividend of $0.06 per share on its outstanding common stock. The dividend will be payable on January 3, 2022 to stockholders of record as of December 15, 2021.

Banc of California maintains a Dividend Reinvestment Plan (DRIP) which allows stockholders to automatically acquire shares at a 3% discount from the applicable market price. All registered stockholders with holdings maintained at the Company's transfer agent, Computershare, are eligible to participate in the DRIP program. For more information on the Company's DRIP program, please contact Investor Relations at IR@bancofcal.com or (855) 361-2262.

The Board of Directors also declared a quarterly dividend of $0.4375 per depositary share on the Company's 7.00% Series E Non-Cumulative Perpetual Preferred Stock. The dividend will be payable on December 15, 2021 to holders of record as of November 30, 2021. The Series E depositary shares are traded on the New York Stock Exchange under the “BANC PRE” symbol.

About Banc of California, Inc.

Banc of California, Inc. (NYSE: BANC) is a bank holding company with $8.3 billion in assets at September 30, 2021 and one wholly-owned banking subsidiary, Banc of California, N.A. (the Bank). With the acquisition of PMBC completed on October 18, 2021, assets total $9.8 billion on a combined proforma basis at September 30, 2021. The Bank has 40 offices including 33 full-service branches located throughout Southern California. Through our dedicated professionals, we provide customized and innovative banking and lending solutions to businesses, entrepreneurs and individuals throughout California. We help to improve the communities where we live and work, by supporting organizations that provide financial literacy and job training, small business support and affordable housing. With a commitment to service and to building enduring relationships, we provide a higher standard of banking. We look forward to helping you achieve your goals. For more information, please visit us at www.bancofcal.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211104005242/en/

Investor Relations Inquiries:

Banc of California, Inc.

(855) 361-2262

Jared Wolff, (949) 385-8700

Lynn Hopkins, (949) 265-6599

Source: Banc of California, Inc.

FAQ

What is the dividend amount declared by Banc of California?

Banc of California has declared a quarterly cash dividend of $0.06 per share.

When will the dividend be paid to shareholders?

The dividend will be payable on January 3, 2022, to stockholders of record as of December 15, 2021.

Is Banc of California's dividend sustainable?

The press release does not provide specific information on the sustainability of the dividend.

What are the details of the DRIP offered by Banc of California?

Banc of California's DRIP allows stockholders to acquire shares at a 3% discount from the applicable market price.

What is the dividend for the Series E Preferred Stock?

The quarterly dividend for the Series E Non-Cumulative Perpetual Preferred Stock is $0.4375 per depositary share.