Banc of California Inc. in Irvine is raising $20 million through a private placement of its common stock to Philadelphia-based private equity investor Patriot Financial Partners LP.
The transaction involved a sale of more than 1.5 million shares of the bank holding company’s stock and is expected to close next week.
Patriot Financial primarily invests in community banks and thrifts in the U.S. It has $325 million in assets under management and typically makes investments between $15 million and $35 million.
Banc of California, through its banking subsidiary, is among the largest financial institutions based in Orange County, with about $3.5 billion in assets.