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Banc of California and PacWest Bancorp Receive Stockholder Approvals for Merger

November 27, 2023, 08:05 AM
Filed Under: Banking News

Banc of California and PacWest Bancorp jointly announced that, at their respective special meetings of stockholders, they each received the necessary stockholder approval for the proposed combination of Banc of California and PacWest. The final results for the proposals voted on at the special meetings of each company’s stockholders will be set forth in the companies’ separate Current Reports on Form 8-K to be filed with the U.S. Securities and Exchange Commissions (the “SEC”). The transaction is expected to close as planned on or around November 30, 2023, subject to the satisfaction of certain closing conditions.

“We are very pleased that the merger has received overwhelming approval from stockholders of each institution,” said Jared Wolff, President and CEO of Banc of California. “We appreciate this vote of confidence in our transformational merger, which will create an exceptional franchise with the strength and ability to grow profitably and deliver results to our stockholders. The merger also creates a well-capitalized and highly liquid institution that will provide our clients with exceptional service and expanded expertise. We also look forward to continuing our demonstrated commitment to our local communities.”

“We are delighted to have achieved this important milestone in our transaction and are grateful for the support of the stockholders of both institutions,” said Paul Taylor, President and Chief Executive Officer of PacWest. “We are confident that this strategic transaction will deliver immediate and long term value to PacWest’s stockholders, customers, communities and employees and now look forward to its closing.”

Following the closing and the previously disclosed balance sheet repositioning, the combined company is expected to have 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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