Banc of California Inc., Orange County’s second-largest bank, has won approval to acquire PacWest in a $1.1 billion deal.
The Federal Reserve System and the California Department of Financial Protection and Innovation have granted approval for the deal. No further regulatory approvals are required to complete the transaction, which is expected to be completed before the end of this year.
“We are excited to be bringing Banc of California and Pacific Western Bank together and unlock the strength of our combined platform to create a robust, well-capitalized and highly liquid institution,” Banc of California Chairman and Chief Executive Jared Wolff said in a statement.
Following the closing, 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.
Banc of California said it plans to relocate its headquarters from Santa Ana to Los Angeles.
For more on Orange County’s banks, see the special report in the upcoming Oct. 30 issue of the Orange County Business Journal.
