Banc of California Inc. (NYSE: BANC), which was headquartered in Santa Ana, said it’s completed its acquisition of PacWest Bancorp (Nasdaq: PACW), making it one of the state’s largest banks.
Banc of California shares climbed 6.8% to $12.35 and a $710 million market cap. PacWest ended its trading yesterday at $7.54 and a $904 million market cap. When the deal was announced in July, the acquisition price was estimated to be $1.1 billion.
“Today begins a new chapter for Banc of California,” Banc of California Chief Executive Jared Wolff said in a statement. “By combining the best of two well-respected banks, we have created one of the nation’s premier, relationship-focused business banks.”
Banc of California also completed its $400 million equity raise from affiliates of funds managed by Warburg Pincus LLC and certain investment vehicles sponsored, managed or advised by Centerbridge Partners L.P. and its affiliates.
The combined bank has more than 2,200 employees, about $34 billion in assets and more than 70 branches in California as well as branches in North Carolina and Colorado. While officially headquartered in Los Angeles, the bank will retain its Santa Ana office as a dual headquarters, Wolff previously told the Business Journal.
