Irvine-based Banc of California is raising $125 million, for general corporate purposes, by issuing 5 million depositary shares or a total of 125,000 shares of its preferred stock.
The depositary shares will be listed on the New York Stock Exchange under the symbol BANCPRE and the dividends will be paid quarterly beginning on June 15.
The bank may raise another $18.75 million if the underwriters exercise a 30-day over-allotment option to purchase another 750,000 depositary shares.
