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Banc of California and Pacific Mercantile Bancorp Announce Receipt of Final Regulatory Approval
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
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.
Positive
Merger will create a combined entity with $9.6 billion in assets.
Total loans outstanding expected to reach $7.1 billion.
Total deposits projected at $7.5 billion.
Negative
Completion of mergers is subject to satisfaction of remaining closing conditions.
SANTA ANA, Calif.--(BUSINESS WIRE)--
Banc of California, Inc. (NYSE: BANC) (the “Company”) and Pacific Mercantile Bancorp (NASDAQ: PMBC) (“Pacific Mercantile”) today announced that all required regulatory approvals for the mergers of Pacific Mercantile into the Company and Pacific Mercantile Bank into Banc of California, N.A. have been received. Subject to the satisfaction of the remaining closing conditions, the transaction is scheduled to close on or about October 18, 2021.
With the addition of Pacific Mercantile, on a pro forma combined basis, the Company would have total assets of approximately $9.6 billion, total loans outstanding of approximately $7.1 billion, and total deposits of approximately $7.5 billion as of June 30, 2021 (unaudited).
About Banc of California, Inc.
Banc of California, Inc. (NYSE: BANC) is a bank holding company with approximately $8.0 billion in assets and one wholly-owned banking subsidiary, Banc of California, N.A. (the Bank). The Bank has 35 offices including 30 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.
About Pacific Mercantile Bancorp
Pacific Mercantile Bancorp (Nasdaq: PMBC) is the parent holding company of Pacific Mercantile Bank, which opened for business March 1, 1999. The Bank, which is an FDIC insured, California state-chartered bank and a member of the Federal Reserve System, provides a wide range of commercial banking services to businesses, business professionals and individual clients. The Bank is headquartered in Orange County and operates a total of seven offices in Southern California, located in Orange, Los Angeles, San Diego, and San Bernardino counties. The Bank offers tailored flexible solutions for its clients including an array of loan and deposit products, sophisticated cash management services, and comprehensive online banking services accessible at www.pmbank.com.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the “Safe-Harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are necessarily subject to risk and uncertainty and although they reflect Banc of California’s current expectations with respect to the timing of the closing of the mergers, no assurances can be given that the mergers will be completed on the date indicated above.
