Shareholders at Banc of California (NYSE:BANC) and PacWest Bancorp (NASDAQ:PACW) have given their nod to a strategic merger, setting the stage for the creation of a significant commercial banking enterprise with an expected completion date around November 30, pending the satisfaction of certain conditions. The endorsement came during special meetings held today, with official results to be filed with the Securities and Exchange Commission (SEC) shortly.
The merger is anticipated to result in a combined operation with approximately $36 billion in assets, $25 billion in loans, and $30 billion in deposits. This formidable financial institution will also boast over 70 branches across California, as well as locations in North Carolina and Colorado. The consolidation aims to provide profitable growth opportunities and enhanced services for customers.
Jared Wolff, President of Banc of California, praised the shareholders for supporting this venture that promises to strengthen the bank's commercial presence. He emphasized the benefits for stakeholders, indicating that the merger would yield a powerful entity ready for lucrative expansion.
As of late September 2023, Banc of California held assets worth $9.25 billion and operated several facilities in Southern California specializing in personalized banking services. It also provides payment processing through its subsidiary Deepstack Technologies. PacWest Bancorp, headquartered in Los Angeles with executive offices in Denver, offers business banking solutions through its Pacific Western Bank brand.
Investors should note that forward-looking statements regarding the anticipated merger and investments from entities such as Warburg Pincus LLC and Centerbridge Partners L.P. have been made. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected.
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