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Banc of California, Inc. - PACW STOCK NEWS

Welcome to our dedicated page for Banc of California news (Ticker: PACW), a resource for investors and traders seeking the latest updates and insights on Banc of California stock.

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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KBRA affirms ratings for Banc of California, Inc. (NYSE: BANC) and Pacific Western Bank, now operating as Banc of California, following their merger. The merger, including a $400 million equity raise, is seen as strategically favorable, with the company's leadership team largely retained. The combined entity is expected to improve its funding profile and capital ratios, positively impacting bondholders.
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Banc of California, Inc. (NYSE: BANC) completes a transformational merger with PacWest Bancorp (Nasdaq: PACW) to emerge as the third-largest bank headquartered in California and one of the nation’s premier relationship-focused business banks. The combined bank will operate under the Banc of California name and brand. Banc of California also completed a $400 million equity raise from affiliates of funds managed by Warburg Pincus LLC and certain investment vehicles sponsored, managed or advised by Centerbridge Partners, L.P. and its affiliates.
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Banc of California, Inc. (BANC) and PacWest Bancorp (PACW) have received in excess of 98% approval of the shares voted from each of their stockholders for the proposed merger. The transaction is expected to close around November 30, 2023, creating a combined company with approximately $36 billion in assets, $25 billion in total loans, $30 billion in total deposits, and more than 70 branches in California, as well as branches in North Carolina and Colorado.
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PacWest Bancorp (Nasdaq: PACW) has declared a quarterly cash dividend of $0.01 per common share and $0.4845 per depositary share on its 7.75% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A. The dividends will be payable on November 27 and November 28, 2023, respectively, to stockholders of record as of November 13, 2023.
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PacWest Bancorp reports net loss of $33.3 million in Q3 2023. Pending merger with Banc of California on track to close by November 30, 2023. Bank expects return to normalized funding levels and improved profitability. Noninterest expense down 14% in Q3. Allowance for loan and lease losses ratio increased. Community Banking deposits grew by 2%. Repurchase agreement facility to be repaid in December 2023.
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PacWest Bancorp has received regulatory approvals for its merger with Banc of California, Inc. The transaction is expected to close before the end of 2023, creating a combined company with $36 billion in assets and more than 70 branches in California.
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Banc of California and PacWest receive regulatory approval for merger
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PacWest Bancorp to report Q3 2023 financial results on October 24, 2023
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Banc of California and Rise Economy announced a $4.1 billion, three-year Community Benefits Plan. The Plan includes goals such as small business lending of $1.45 billion and community development lending of $2.3 billion. The combined institution also plans to invest $300 million in community development and $20 million in Affordable Housing Preservation efforts. Additionally, the bank will focus on supporting climate resiliency programs and tribal and indigenous communities. The Plan will become effective upon consummation of the proposed merger with PacWest Bancorp.
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PacWest Bancorp declares quarterly cash dividends on common shares and preferred stock
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FAQ

What is the market cap of Banc of California (PACW)?

The market cap of Banc of California (PACW) is approximately 904.5M.

What services does Banc of California, Inc. provide?

Banc of California, Inc. offers business banking, treasury management, loan, lease, and deposit products primarily to small, middle-market, and venture-backed businesses.

Where is Banc of California, Inc. headquartered?

Banc of California, Inc. is headquartered in Los Angeles, California, with an executive office in Denver, Colorado.

What recent developments have occurred at Banc of California, Inc.?

The company is merging with Banc of California, Inc., with the transaction expected to complete by the end of 2023, creating a combined entity with $36 billion in assets.

How many branches does Pacific Western Bank operate?

Pacific Western Bank operates over 70 branches across California, North Carolina, and Colorado.

What are the financial highlights for Banc of California, Inc. in Q3 2023?

The bank saw a $171.9 million increase in noninterest income and a $119.3 million decrease in noninterest expenses in Q3 2023.

What is the core focus of Pacific Western Bank?

Pacific Western Bank focuses on providing business banking and treasury management services to small, middle-market, and venture-backed businesses.

What is Deepstack Technologies?

Deepstack Technologies is a subsidiary of Banc of California, Inc. that offers full-stack payment processing solutions.

What is Banc of California, Inc.'s commitment to the community?

The bank supports financial literacy, job training, small business support, and affordable housing initiatives, reflecting its commitment to community development.

How did Banc of California, Inc. improve its financial condition in Q3 2023?

Improvements were driven by reductions in losses from the sale of loans and leases and strategic reduction of higher-cost brokered deposits.

Where can I find more information about Banc of California, Inc.?

More information is available on their website at www.pacwest.com and www.bancofcal.com.

Banc of California, Inc.

NYSE:PACW

PACW Rankings

PACW Stock Data

904.52M
116.38M
1.53%
84.88%
20.89%
Banks - Regional
Financial Services
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United States
Beverly Hills