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. (symbol: BANC) is a reputable financial holding company that has been providing comprehensive banking services since 1941. With assets exceeding $7 billion and over 100 banking and lending locations, Banc of California is strategically positioned to serve private businesses, entrepreneurs, and homeowners across California. The company offers a wide range of financial services including banking, lending, and private banking. Their deposit products include checking, savings, money market accounts, certificates of deposit, and retirement accounts.
Banc of California focuses on simplifying banking through innovative products and exceptional customer service, aiming to make banking straightforward for its clients. The company’s strong balance sheet, deep community involvement, and commitment to building lasting relationships have contributed to its long record of success. Banc of California's lending activities are predominantly geared towards providing financing to California's diverse business landscape, including both commercial and residential real estate.
Recent achievements highlight Banc of California's commitment to growth and community engagement. The company continues to adapt its services to meet the evolving needs of its clients, emphasizing efficiency, fairness, and simplicity in all its financial solutions. Their dedication to these principles ensures that clients can focus on their personal and professional growth while Banc of California handles their financial needs.
Banc of California, Inc. (NYSE: BANC) will release its financial results for Q4 and the fiscal year ending December 31, 2021, on January 25, 2022, at 10:00 a.m. PT. The results will be discussed in a conference call accessible through a dial-in and a live webcast.
As of September 30, 2021, the company had $8.3 billion in assets, with a combined proforma total of approximately $9.8 billion after acquiring Pacific Mercantile Bancorp. Banc of California operates 38 offices in Southern California, committed to providing innovative banking solutions.
Banc of California, Inc. (NYSE: BANC) has declared a quarterly cash dividend of
Banc of California (NYSE: BANC) reported a net income of $23.2 million for Q3 2021, with earnings per share of $0.42. Loan growth was strong at 16% annualized, excluding PPP loans. The net interest margin improved to 3.28%, while the average cost of deposits decreased to 0.15%. Noninterest-bearing deposits surged 17% sequentially, marking 32% of total deposits. The company completed its acquisition of Pacific Mercantile Bancorp, enhancing its asset base with total loans of $982.4 million. The CEO emphasized ongoing profitable growth and a robust loan and deposit pipeline.
Banc of California, Inc. has completed its acquisition of Pacific Mercantile Bancorp as of October 18, 2021, creating a significant business banking franchise in Southern California, with total assets exceeding $9 billion.
The deal, valued at approximately $226 million, adds $980 million in gross loans and $1.3 billion in deposits. A total of 11.9 million shares of the Company common stock will be issued as part of the merger. The Board of Directors will now include three new independent directors, enhancing governance and oversight.
Banc of California, Inc. (NYSE: BANC) and Pacific Mercantile Bancorp (NASDAQ: PMBC) have received all necessary regulatory approvals for their merger, expected to close around October 18, 2021. Post-merger, the combined entity is projected to have total assets of approximately $9.6 billion, total loans of about $7.1 billion, and deposits of roughly $7.5 billion as of June 30, 2021.
Banc of California, Inc. (NYSE: BANC) announced it will release its third-quarter financial results for 2021 on October 21, 2021. A conference call is scheduled for 10:00 a.m. PT to discuss the earnings. Interested parties can join the call by calling (888) 317-6003 with event code 9764771, or listen via a live audio webcast on the company’s investor relations website. Banc of California has approximately $8.0 billion in assets and operates 35 offices across Southern California.
Banc of California, Inc. (NYSE: BANC) has declared a quarterly cash dividend of $0.06 per share, payable on October 1, 2021, to stockholders of record as of September 15, 2021. Additionally, a dividend of $0.4375 per depositary share on its 7.00% Series E Non-Cumulative Perpetual Preferred Stock will be paid on September 15, 2021, to holders on record as of August 31, 2021. Banc of California also offers a Dividend Reinvestment Plan (DRIP) allowing shareholders to acquire shares at a 3% discount.
Banc of California, Inc. (NYSE: BANC) has appointed Diana Hanson as the new Senior Vice President and Chief Accounting Officer, effective August 16, 2021. She succeeds Mike Smith, who resigned on August 6, 2021. With over 25 years of experience in finance and community banking, Ms. Hanson previously served at First Choice Bancorp and Pacific Western Bank. Banc of California operates with roughly $8.0 billion in assets and has 36 offices throughout Southern California, providing customized banking and lending solutions.
Banc of California (NYSE: BANC) reported a net income of $19.1 million for Q2 2021, with diluted earnings per share of $0.34. Total loan production reached $904.1 million, while the net interest margin expanded to 3.27%. The company saw a 5 basis point decrease in average deposit costs and a 15% annualized increase in total loans. Management anticipates continued balance sheet growth and profitability, bolstered by the upcoming acquisition of Pacific Mercantile Bancorp and projected cost savings of 40%.
Banc of California, Inc. (NYSE: BANC) announced that it will release its second quarter financial results on July 22, 2021. A conference call to discuss the earnings will take place at 10:00 a.m. PT, with interested participants able to join by dialing (888) 317-6003 and using event code 7494802. A live audio webcast and a slide presentation will be accessible on the Company’s investor relations website. Banc of California is a bank holding company with approximately $7.9 billion in assets and operates 36 offices in Southern California.
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