Pacwest stock
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Pacwest stock
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The combined bank will operate under the Banc of California name and brand. We look forward to sharing our expanded capabilities with clients and all the communities we serve. California has experienced a void of business banks that we intend to fill, and we look forward to helping our clients grow and delivering for our clients, communities and shareholders. In connection with the merger, Banc of California, N. As of the merger closing date, Banc of California, N.
Pacwest stock
Under the terms of the agreement, which was unanimously approved by the boards of directors of both companies, PacWest will merge into Banc of California, and Banc of California, N. The combined holding company and bank will operate under the Banc of California name and brand following closing of the transaction. Under the terms of the merger agreement, PacWest stockholders will receive 0. The merger will create the premier California business banking franchise, which will be well-positioned to capitalize on market opportunities and broaden the channels and customers it serves through increased scale and expanded product offerings. Banc of California, N. These repositioning transactions for the combined company will result in a higher net interest margin, estimated to add over bps compared to the pre-restructured balance sheet. John Eggemeyer, who currently serves as the independent Lead Director on the board of PacWest, will become the Chairman of the board of the combined company following the merger.
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