Welcome to our dedicated page for Banc Of California news (Ticker: BANC), a resource for investors and traders seeking the latest updates and insights on Banc Of California stock.
Banc of California Inc (BANC) delivers full-service banking solutions to businesses and individuals across California. This news hub provides investors and financial professionals with timely updates on corporate developments directly affecting market perception and operational strategy.
Access official press releases, earnings reports, and regulatory filings in one centralized location. Track announcements about lending initiatives, leadership changes, and community-focused programs that reflect the bank’s commitment to California’s economic growth.
Key updates include quarterly financial results, merger/acquisition activity, dividend declarations, and strategic partnerships. All content is sourced from verified corporate communications to ensure reliability for investment research and industry analysis.
Bookmark this page for streamlined monitoring of BANC’s financial performance and operational milestones. Combine historical context with real-time updates to better understand the company’s position in the competitive banking sector.
Banc of California, Inc. (NYSE: BANC) has appointed Alex Kweskin as Executive Vice President and Chief Human Resources Officer, effective May 3, 2021. Kweskin, who previously served at MUFG Union Bank, brings extensive experience in banking and human resources. He holds a B.A. in Communication from Purdue University. President and CEO Jared Wolff expressed enthusiasm for Kweskin's leadership, which is expected to enhance the company's culture and talent strategy. Banc of California manages approximately $7.9 billion in assets and operates 36 offices in Southern California.
Banc of California, Inc. (NYSE: BANC) will release its financial results for Q1 2021 on April 22, 2021. A conference call will be held at 10:00 a.m. PT to discuss these results, with details available via telephone at (888) 317-6003 or through a live audio webcast on the company’s investor relations website. Banc of California operates with approximately $7.9 billion in assets and offers banking solutions across 36 locations in Southern California, focusing on financial literacy and community support.
Banc of California (NYSE: BANC) has announced a definitive merger agreement with Pacific Mercantile Bancorp (NASDAQ: PMBC) in an all-stock transaction valued at approximately $235 million, equating to $9.77 per share. The merger is expected to enhance Banc of California's operations, increasing total assets to $9.5 billion. Expected EPS accretion is 12.9% in 2022, with a 2.3-year earnback period on tangible book value. The deal is anticipated to close in Q3 2021, pending regulatory approvals.
Banc of California (NYSE: BANC) announced the redemption of all outstanding Series D Preferred Stock on March 15, 2021, at a price of $1,000 per share. Additionally, the Board declared a quarterly cash dividend of $0.06 per share on common stock, payable April 1, 2021. Holders of Series D Depositary Shares will receive a dividend of $0.460938 per share on March 15, 2021. The Series D Depositary Shares will be delisted after redemption. Banc of California has $7.9 billion in assets and offers a Dividend Reinvestment Plan.
Banc of California reported Q4 2020 net income of $21.7 million, with earnings per share at $0.35. The bank's net interest margin rose to 3.38%, driven by lower deposit costs and increased earning assets. Non-performing loans decreased 45%, reflecting improved asset quality. Total deposits grew to $6.09 billion, with noninterest-bearing deposits at 25.6%. The bank maintained a strong capital position, with a Common Equity Tier 1 ratio of 11.19%. CFO Lynn Hopkins noted contributions from legal recoveries, impacting net income positively by $2.8 million.
Banc of California, Inc. (NYSE: BANC) will release its fourth quarter 2020 financial results on January 21, 2021. A conference call to discuss the earnings will take place at 10:00 a.m. PT on the same day. Interested participants can join via phone or listen to a live audio webcast on the company's investor relations website. Banc of California holds approximately $7.7 billion in assets and operates 37 offices across Southern California, offering customized banking and lending solutions to various clients.
Banc of California, Inc. (NYSE: BANC) has declared a quarterly cash dividend of $0.06 per share on its common stock, payable on January 4, 2021, to stockholders of record as of December 15, 2020.
Additionally, dividends were declared on two series of preferred stock: $0.460938 per depository share on the 7.375% Series D and $0.4375 on the 7.00% Series E, both payable on December 15, 2020, to holders of record as of November 30, 2020.
Banc of California also offers a Dividend Reinvestment Plan that permits shares purchasing at a 3% discount.
Banc of California, Inc. (NYSE: BANC) announced the pricing of its $85 million public offering of 4.375% Fixed-to-Floating Rate Subordinated Notes due 2030. The offering price is 100% of the principal amount. The Notes will initially accrue interest at 4.375% until October 30, 2025, after which it will switch to a floating rate. The issuance aims to qualify as Tier 2 capital. Net proceeds will support general corporate purposes, including potential redemptions and growth initiatives. The offering is expected to close on October 30, 2020, pending customary conditions.
Banc of California reported third-quarter net income available to common stockholders of $12.1 million ($0.24 per share) as of September 30, 2020. Notable highlights include a 24% increase in noninterest-bearing deposits, and a stable net interest margin of 3.09%. Total loans rose, driven by commercial banking growth, while the allowance for credit losses remained strong at 1.66%. The total deferrals/forbearances decreased significantly to $282.5 million. The management expressed optimism regarding future earnings despite pandemic uncertainties.
Banc of California, Inc. (NYSE: BANC) is set to release its 2020 third quarter financial results on October 22, 2020. The company will hold a conference call at 10:00 a.m. PT to discuss its earnings, providing an opportunity for interested parties to engage by dialing in or joining via a live audio webcast. Banc of California boasts approximately $7.8 billion in assets and operates 39 offices across Southern California, offering customized banking solutions for businesses and individuals.
