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Banc of California, Inc. (NASDAQ: PACW) is a prominent banking company based in Los Angeles, California, with an executive office in Denver, Colorado. Through its wholly-owned subsidiary, Pacific Western Bank, the company offers a wide range of financial services primarily focused on business banking and treasury management. The bank's core clientele includes small, middle-market, and venture-backed businesses, reflecting its commitment to fostering community growth and economic development.
Pacific Western Bank operates a network of full-service branches across California, as well as in Durham, North Carolina and Denver, Colorado. Additionally, it maintains loan production offices nationwide, providing a broad array of loan, lease, and deposit products and services. The bank's strategic approach emphasizes relationship-based banking, ensuring personalized and efficient service to all its customers.
In recent developments, PacWest Bancorp has announced a significant merger with Banc of California, Inc. This merger, approved by the Board of Governors of the Federal Reserve System and the California Department of Financial Protection and Innovation, is expected to be completed by the end of 2023. The combined entity will boast approximately $36 billion in assets, $25 billion in total loans, $30 billion in total deposits, and over 70 branches across key locations, enhancing its service footprint and financial strength.
Banc of California, Inc., headquartered in Santa Ana, California, operates with a mission to deliver customized and innovative banking and lending solutions. With assets totaling $9.37 billion as of June 30, 2023, and 32 offices, including 26 full-service branches, the bank serves a diverse clientele of businesses, entrepreneurs, and individuals primarily in Southern California. The bank also offers full-stack payment processing solutions through its subsidiary, Deepstack Technologies.
Financial highlights for the third quarter of 2023 reveal significant improvements, including a $171.9 million increase in noninterest income, primarily driven by reductions in losses from the sale of loans and leases, and a $119.3 million decrease in noninterest expenses. The bank's strategic reduction of higher-cost brokered deposits and growth in customer deposits underscore its sound financial management.
With a commitment to community support through financial literacy, job training, small business support, and affordable housing initiatives, Banc of California, Inc. continues to build enduring relationships and deliver exceptional banking services.
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