Combination will create California’s premier
relationship-focused business bank
- Combined $36 billion asset bank with extensive Southern CA
footprint to be headquartered in Los Angeles
- 20%+ accretion to BANC’s 2024 Estimated EPS and immediately 3%
accretive to TBVPS
- $400 million equity raise is fully committed after extensive
investor due diligence
- Robust capital at 10%+ pro forma CET1; hedges and forward sales
lock in a strong and liquid balance sheet at close
- $13 billion of wholesale borrowings to be repaid, resulting in
a <10% wholesale funding ratio
- Highly experienced management with proven expertise in
acquisitions led by Banc of California's CEO with deep
understanding of PacWest’s franchise
Banc of California, Inc. (“Banc of California”) (NYSE: BANC) and
PacWest Bancorp (“PacWest”) (Nasdaq: PACW) today announced the
signing of a definitive agreement pursuant to which the companies
will combine in an all-stock merger transaction. 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.A. will merge into Pacific
Western Bank. 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 0.6569 of a share of Banc of California
common stock for each share of PacWest common stock.
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 also announced today that it has entered into
investment agreements with affiliates of funds managed by Warburg
Pincus LLC (the “Warburg Investors”) and certain investment
vehicles, managed or advised by Centerbridge Partners, L.P. and its
affiliates (the “Centerbridge Investors” and, together with the
Warburg Investors, the “Investors”), which will invest an aggregate
of $400 million for newly issued equity securities concurrently
with, and subject to, closing of the merger. The proceeds from this
capital raise are expected to be utilized in conjunction with other
planned actions to reposition the combined company’s balance sheet
and generate material savings. The combined company will repay ~$13
billion in wholesale borrowings, funded by sales of assets which
are fully marked as a result of the transaction, and excess cash.
Banc of California, N.A. has entered into a $3.5 billion interest
rate swap and a contingent forward asset sale agreement to hedge
interest rate risk and lock in proceeds. These repositioning
transactions for the combined company will result in a higher net
interest margin, estimated to add over 170bps compared to the
pre-restructured balance sheet. The actions result in a CET1 of
10%+ pro forma, which includes the cost of swaps purchased and
forward sales.
Following closing and the asset sales, the combined company is
expected to have approximately $36.1 billion in assets, $25.3
billion in total loans, $30.5 billion in total deposits and more
than 70 branches in California.
Upon completion of the proposed transaction, (a) the shares
issued to PacWest stockholders in the merger are expected to
represent approximately 47% of the outstanding shares of the
combined company, (b) the shares issued to the Investors in the
equity capital raise transaction discussed above are expected to
represent approximately 19% of the outstanding shares of the
combined company and (c) the shares of Banc of California common
stock that are outstanding immediately prior to completion of the
merger are expected to represent approximately 34% of the
outstanding shares of the combined company.
Jared Wolff, President and Chief Executive Officer of Banc of
California, will retain the same roles at the combined company.
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. The board of
directors of the combined company will consist of 12 directors:
eight from the existing Banc of California board, three from the
existing PacWest board and one from the Warburg Investors.
“This transformational merger will create a robust,
well-capitalized and highly liquid institution poised to deliver
exceptional service to even more California businesses and
communities,” said Mr. Wolff. “We believe both Banc of California
and PacWest stockholders will benefit from the compelling economics
of the combined company and its enhanced ability to deliver
profitable and sustainable growth. Out of the gate, the combined
company will have the strength and market position to support the
banking needs of small and medium-size businesses in California and
to capitalize on the opportunities created for stronger financial
institutions in the wake of the recent banking industry
turmoil.”
Mr. Wolff added, “Due to the high degree of familiarity between
our businesses, we anticipate a smooth integration that will enable
us to quickly and effectively capitalize on the long-term
opportunities unlocked by the strength of our combined platform.
Both institutions follow a client-first, relationship-based
approach to serving our clients and communities while emphasizing
prudent risk management. We believe that uniting the talent and
expertise from both organizations, along with our cultural
similarities and deep familiarity with each other’s business, will
accelerate the execution and delivery of strong and growing
franchise value for all stakeholders.”
Paul Taylor, President and Chief Executive Officer of PacWest,
stated, “This merger is a tremendous opportunity for PacWest’s
stockholders, customers, communities and employees, representing
significant immediate and long-term value beyond PacWest’s
standalone strategic plan. I am honored and extremely proud of the
PacWest team’s fortitude over the past several months amidst
industry-wide volatility. With the combined strength of both
institutions, new capital from investors that are committed to the
strategic vision and value creation of this merger, and a proven
track record of successful integrations, the combined company will
be well-positioned to provide significant value for the long term
to all of our constituents."
Todd Schell, who will join the board from Warburg Pincus, noted,
“We are excited to back the strategic combination of two
institutions we know well and respect. The transaction provides an
opportunity to execute a highly accretive balance sheet
repositioning which generates substantial incremental earnings and
positions the combined company for the next leg of profitable
growth.”
Strategic Benefits of the
Transactions
Enhanced scale and capabilities to serve substantial void in
California: The combined company will be strategically
positioned to capitalize on market opportunities in California. It
will have operational and financial scale to increase investment in
the franchise, including its technology platform, in order to
elevate the client experience, improve efficiencies, attract the
highest quality talent, and enhance new business development
efforts.
Strong balance sheet: The combined company will have
access to additional liquidity through a targeted balance sheet
repositioning at closing, supported by committed capital of $400
million from the Investors, resulting in robust capital levels and
a strong liquidity profile.
Diversified deposit base and loan portfolio: The combined
company will focus on serving small and medium-sized businesses in
its footprint through exceptional treasury management services and
commercial and real estate lending that leverage Banc of
California’s and PacWest’s mutual strengths in core community
banking. Banc of California’s niche strengths in healthcare,
education, entertainment and warehouse lending, and PacWest’s niche
expertise in HOA banking services, portfolio lending, equipment
lending and leasing, and SBA lending combine for a diversified loan
portfolio. The combination also creates a more diverse overall
deposit mix by combining complementary deposit specialties.
Experienced management teams with significant integration
experience and deep familiarity: The combined leadership team
is seasoned with a proven track record of performance and merger
integration.
Financial Benefits of the
Merger
The financial benefits of the transaction are compelling, with
estimated 2024 EPS and tangible book value accretion of 20+% and
~3%, respectively. The pro forma combined company financial metrics
are based on Banc of California’s stand-alone consensus median
analyst estimates, estimated combined company cost synergies,
anticipated purchase accounting adjustments, the expected merger
closing time-frame, and the capital raise. On a pro forma basis,
the business is expected to deliver compelling operating and return
metrics with cost savings on a fully-phased in basis,
including:
- Loan to Deposit Ratio of approximately 85%
- Wholesale Funding Asset Ratio of approximately 8%
- Liquidity Coverage Ratio of 2.0x+
- Common Equity Tier 1 Capital Ratio of approximately 10.0%
- Tangible Common Equity to Total Asset Ratio of 7.2%
- 4Q24 Run-Rate Cash Return on Average Tangible Common Equity of
approximately 13.0%
- 4Q24 Run-Rate Return on Average Assets of approximately
1.10%
- Capital generation in excess of 100bps per year; and
- 2024 Estimated EPS range of $1.65–$1.80
Transaction Details
Banc of California will be the legal acquirer, and Banc of
California N.A. will merge with and into Pacific Western Bank,
which will take the Banc of California name and apply to become a
Federal Reserve member. PacWest will be the accounting acquirer,
with fair value accounting applied to Banc of California’s balance
sheet at closing. Under the terms of the merger agreement, PacWest
stockholders will receive 0.6569 of a share of Banc of California
common stock for each share of PacWest common stock. Each
outstanding share of 7.75% Fixed Rate Reset Non-Cumulative
Perpetual Preferred Stock, Series A, of PacWest will be converted
into the right to receive one share of a newly created series of
substantially identical preferred stock of Banc of California with
the same terms and conditions.
In the equity capital raise transaction, Banc of California will
sell approximately (i) 21.8 million shares of its common stock at a
purchase price of $12.30 per share and (ii) 10.8 million shares of
a new class of its non-voting, common-equivalent stock at a
purchase price of $12.30 per share to the Investors. In addition,
the Warburg Investors will receive warrants to purchase
approximately 15.9 million shares of Banc of California non-voting,
common-equivalent stock, and the Centerbridge Investors will
receive warrants to purchase approximately 3.0 million shares of
Banc of California common stock, each with an exercise price of
$15.375 per share, a 25% premium to the price paid on common stock.
The warrants carry a term of seven years but are subject to
mandatory exercise when the market price reaches $24.60 over a
specified period, a 100% premium to the price paid on common
stock.
Timing and Approvals
The parties expect the closing of the merger to occur in late
2023 or early 2024, subject to satisfaction of closing conditions,
including receipt of customary required regulatory approvals and
requisite approval by the stockholders of each company, and the
concurrent closing of the equity capital raise. The equity capital
raise is expected to close concurrently with the merger, subject to
the concurrent closing of the merger and other closing
conditions.
Advisors
J.P. Morgan Securities LLC is acting as financial advisor and
rendered a fairness opinion to the board of directors of Banc of
California and is acting as sole placement agent to Banc of
California. Skadden, Arps, Slate, Meagher & Flom LLP is serving
as legal counsel to Banc of California. Piper Sandler & Co. is
acting as financial advisor to, and rendered a fairness opinion to
the board of directors of, PacWest. Sullivan & Cromwell LLP is
serving as legal counsel to PacWest. Jefferies LLC is acting as
financial advisor to Warburg Pincus and Centerbridge. Wachtell,
Lipton, Rosen & Katz is serving as legal counsel to Warburg
Pincus, and Simpson Thacher & Bartlett LLP is serving as legal
counsel to Centerbridge.
Joint Conference Call and Webcast
Details
Banc of California and PacWest will conduct a live conference
call and webcast to discuss the transaction at 2:30 p.m. Pacific
Time on Tuesday, July 25, 2023. To listen to the live call, please
dial 888-317-6003 and enter 2706567 for the conference ID. The
webcast, along with related slides, will be available on both the
Banc of California website
(https://investors.bancofcal.com/news-events-and-presentations/event-calendar/default.aspx
and the PacWest website
(https://www.pacwestbancorp.com/news-market-data/presentations/default.aspx).
A replay of the conference call will be available via the websites
listed above.
As a result of today’s merger announcement, both companies have
cancelled their previously scheduled 2023 second quarter earnings
conference calls.
About Banc of California, Inc.
Banc of California, Inc. (NYSE: BANC) is a bank holding company
with $9.37 billion in assets at June 30, 2023 and one wholly-owned
banking subsidiary, Banc of California, N.A. (the Bank). The Bank
has 33 offices including 27 full-service branches located
throughout Southern California. Through our dedicated
professionals, we provide customized and innovative banking and
lending solutions to businesses, entrepreneurs and individuals
throughout California, and full stack payment processing solution
through our subsidiary Deepstack Technologies. We help to improve
the communities where we live and work, by supporting organizations
that provide financial literacy and job training, small business
support and affordable housing. With a commitment to service and to
building enduring relationships, we provide a higher standard of
banking. We look forward to helping you achieve your goals. For
more information, please visit us at www.bancofcal.com.
About PacWest
PacWest is a bank holding company headquartered in Los Angeles,
California, with an executive office in Denver, Colorado, with one
wholly-owned banking subsidiary, Pacific Western Bank (the “Bank”).
Pacific Western Bank is a relationship-based community bank focused
on providing business banking and treasury management services to
small, middle-market, and venture-backed businesses. The Bank
offers a broad range of loan and lease and deposit products and
services through full-service branches throughout California and in
Durham, North Carolina and Denver, Colorado, and loan production
offices around the country. For more information about PacWest
Bancorp or Pacific Western Bank, visit www.pacwest.com.
About Warburg Pincus
Warburg Pincus LLC is a leading global growth investor. The firm
has more than $83 billion in assets under management. The firm’s
active portfolio of more than 250 companies is highly diversified
by stage, sector, and geography. Warburg Pincus is an experienced
partner to management teams seeking to build durable companies with
sustainable value. The firm has a nearly 30-year history of
investing in the banking sector, having invested over $3.5 billion
in 21 regulated banking institutions around the world. Notable U.S.
bank investments include Dime Bancorp, Mellon Bank, Webster
Financial, Sterling Financial and National Penn Bancshares. Founded
in 1966, Warburg Pincus has raised 20 private equity and 2 real
estate funds, which have invested more than $112 billion in over
1,000 companies in more than 40 countries. The firm is
headquartered in New York with offices in Amsterdam, Beijing,
Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius,
San Francisco, São Paulo, Shanghai, and Singapore. For more
information, please visit www.warburgpincus.com. Follow us on
LinkedIn.
About Centerbridge
Centerbridge Partners, L.P. is a private investment management
firm employing a flexible approach across investment disciplines —
Private Equity, Private Credit and Real Estate — in an effort to
develop the most attractive opportunities for our investors. The
Firm was founded in 2005 and as of May 31, 2023 has approximately
$36 billion in capital under management with offices in New York
and London. Centerbridge is dedicated to partnering with
world-class management teams across targeted industry sectors and
geographies. For more information, please visit
www.centerbridge.com.
Cautionary Note Regarding Forward-Looking Statements
This document contains certain forward-looking statements within
the meaning of the federal securities laws with respect to the
proposed transaction between Banc of California and PacWest and the
proposed investment by Warburg Pincus LLC and Centerbridge
Partners, L.P. (collectively, the “Investors”) in equity securities
of Banc of California pursuant to the investment agreements entered
into between the Investors and Banc of California (the “Investment
Agreements”). Forward-looking statements may be identified by the
use of the words such as “estimate,” “plan,” “project,” “forecast,”
“intend,” “expect,” “anticipate,” “believe,” “seek,” “strategy,”
“future,” “opportunity,” “may,” “could,” “target,” “should,”
“will,” “would,” “will be,” “will continue,” “will likely result,”
or similar expressions that predict or indicate future events or
trends or that are not statements of historical matters, although
not all forward-looking statements contain such identifying words.
These forward-looking statements include, but are not limited to,
statements regarding the proposed transaction between Banc of
California and PacWest and the proposed investment by the
Investors, including statements as to the expected timing,
completion and effects of the proposed transaction. These
statements are based on various assumptions, whether or not
identified in this document, and on the current expectations of
Banc of California’s and PacWest’s management and are not
predictions of actual performance, and, as a result, are subject to
risks and uncertainties. These forward-looking statements are
provided for illustrative purposes only and are not intended to
serve as, and must not be relied on by any investor as, a
guarantee, an assurance, a prediction or a definitive statement of
fact or probability. Actual events and circumstances are difficult
or impossible to predict, may differ from assumptions and many are
beyond the control of Banc of California and PacWest. These
forward-looking statements are subject to a number of risks and
uncertainties, including, but not limited to: (i) the risk that the
proposed transaction may not be completed in a timely manner or at
all; (ii) the failure to satisfy the conditions to the consummation
of the proposed transaction, including obtaining the requisite
approval of the Banc of California stockholders and PacWest
stockholders within the time period provided in the Agreement and
Plan of Merger, dated July 25, 2023, by and among PacWest, Banc of
California and Cal Merger Sub, Inc. (the “Merger Agreement”); (iii)
the occurrence of any event, change or other circumstance that
could give rise to the termination of the Merger Agreement or the
Investment Agreements; (iv) the inability to obtain alternative
capital in the event it becomes necessary to complete the proposed
transaction; (v) the effect of the announcement or pendency of the
proposed transaction on Banc of California’s and PacWest’s business
relationships, operating results and business generally; (vi) risks
that the proposed transaction disrupts current plans and operations
of Banc of California and PacWest; (vii) potential difficulties in
retaining Banc of California and PacWest customers and employees as
a result of the proposed transaction; (viii) Banc of California’s
and PacWest’s estimates of its financial performance; (ix) changes
in general economic conditions; (x) changes in the interest rate
environment, including the recent increases in the Board of
Governors of the Federal Reserve System benchmark rate and duration
at which such increased interest rate levels are maintained, which
could adversely affect Banc of California’s and PacWest’s revenue
and expenses, the value of assets and obligations, and the
availability and cost of capital and liquidity; (xi) the impacts of
continuing inflation; (xii) the credit risks of lending activities,
which may be affected by deterioration in real estate markets and
the financial condition of borrowers, and the operational risk of
lending activities, including the effectiveness of Banc of
California’s and PacWest’s underwriting practices and the risk of
fraud; (xiii) fluctuations in the demand for loans; (xiv) the
ability to develop and maintain a strong core deposit base or other
low cost funding sources necessary to fund Banc of California’s and
PacWest’s activities particularly in a rising or high interest rate
environment; (xv) the rapid withdrawal of a significant amount of
deposits over a short period of time; (xvi) results of examinations
by regulatory authorities of Banc of California or PacWest and the
possibility that any such regulatory authority may, among other
things, limit Banc of California’s or PacWest’s business
activities, restrict Banc of California’s or PacWest’s ability to
invest in certain assets, refrain from issuing an approval or
non-objection to certain capital or other actions, increase Banc of
California’s or PacWest’s allowance for credit losses, result in
write-downs of asset values, restrict Banc of California’s or
PacWest’s ability or that of Banc of California’s or PacWest’s bank
subsidiary to pay dividends, or impose fines, penalties or
sanctions; (xvii) the impact of bank failures or other adverse
developments at other banks on general investor sentiment regarding
the stability and liquidity of banks; (xviii) changes in the
markets in which Banc of California and PacWest compete, including
with respect to the competitive landscape, technology evolution or
regulatory changes; (xix) changes in consumer spending, borrowing
and saving habits; (xx) slowdowns in securities trading or shifting
demand for security trading products; (xxi) the impact of natural
disasters or health epidemics; (xxii) legislative or regulatory
changes; (xxiii) impact of operating in a highly competitive
industry; (xxiv) reliance on third party service providers; (xxv)
competition in retaining key employees; (xxvi) risks related to
data security and privacy, including the impact of any data
security breaches, cyberattacks, employee or other internal
misconduct, malware, phishing or ransomware, physical security
breaches, natural disasters, or similar disruptions; (xxvii)
changes to accounting principles and guidelines; (xxviii) potential
litigation relating to the proposed transaction that could be
instituted against Banc of California, PacWest or their respective
directors and officers, including the effects of any outcomes
related thereto; (xxix) volatility in the trading price of Banc of
California’s or PacWest’s securities; (xxx) the ability to
implement business plans, forecasts, and other expectations after
the completion of the proposed transaction, and identify and
realize additional opportunities; and (xxxi) unexpected costs,
charges or expenses resulting from the proposed transaction. The
foregoing list of factors is not exhaustive. You should carefully
consider the foregoing factors and the other risks and
uncertainties described in the “Risk Factors” section of Banc of
California’s registration statement on Form S-4 that will contain a
joint proxy statement/prospectus discussed below, when it becomes
available, and other documents filed by Banc of California or
PacWest from time to time with the U.S. Securities and Exchange
Commission (the “SEC”). These filings do and will identify and
address other important risks and uncertainties that could cause
actual events and results to differ materially from those contained
in the forward-looking statements. If any of these risks
materialize or our assumptions prove incorrect, actual events and
results could differ materially from those contained in the
forward-looking statements. There may be additional risks that
neither Banc of California nor PacWest presently knows or that Banc
of California or PacWest currently believes are immaterial that
could also cause actual events and results to differ from those
contained in the forward-looking statements. In addition,
forward-looking statements reflect Banc of California’s and
PacWest’s expectations, plans or forecasts of future events and
views as of the date of this document. Banc of California and
PacWest anticipate that subsequent events and developments will
cause Banc of California’s and PacWest’s assessments to change.
While Banc of California and PacWest may elect to update these
forward-looking statements at some point in the future, Banc of
California and PacWest specifically disclaim any obligation to do
so, unless required by applicable law. These forward-looking
statements should not be relied upon as representing Banc of
California’s and PacWest’s assessments as of any date subsequent to
the date of this document. Accordingly, undue reliance should not
be placed upon the forward-looking statements. Forward-looking
statements speak only as of the date they are made. Neither Banc of
California nor PacWest gives any assurance that either Banc of
California or PacWest, or the combined company, will achieve the
results or other matters set forth in the forward-looking
statements.
No Offer or Solicitation
This document is not a proxy statement or solicitation or a
proxy, consent or authorization with respect to any securities or
in respect of the proposed transaction and shall not constitute an
offer to sell or a solicitation of an offer to buy the securities
of Banc of California, PacWest or the combined company, nor shall
there be any sale of securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such
jurisdiction. No offer of securities shall be deemed to be made
except by means of a prospectus meeting the requirements of Section
10 of the Securities Act, and otherwise in accordance with
applicable law.
Additional Information and Where to Find It
This document relates to the proposed transaction between Banc
of California and PacWest and the proposed investment in Banc of
California by Investors. Banc of California intends to file a
registration statement on Form S-4 with the SEC, which will include
a preliminary joint proxy statement/prospectus to be distributed to
holders of Banc of California’s common stock and PacWest’s common
stock in connection with Banc of California’s and PacWest’s
solicitation of proxies for the vote by Banc of California’s
stockholders and PacWest’s stockholders with respect to the
proposed transaction. After the registration statement has been
filed and declared effective, Banc of California and PacWest will
mail a definitive joint proxy statement/prospectus to their
respective stockholders that, as of the applicable record date, are
entitled to vote on the matters being considered at the Banc of
California stockholder meeting and at the PacWest stockholder
meeting, as applicable. Banc of California or PacWest may also file
other documents with the SEC regarding the proposed
transaction.
BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND
SECURITY HOLDERS ARE URGED TO CAREFULLY READ THE ENTIRE
REGISTRATION STATEMENT AND JOINT PROXY STATEMENT/PROSPECTUS
(INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) WHEN THEY BECOME
AVAILABLE, AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AND
THE DEFINITIVE VERSIONS THEREOF (WHEN THEY BECOME AVAILABLE), AS
WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO SUCH DOCUMENTS, CAREFULLY
AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE PROPOSED TRANSACTION.
Investors and security holders will be able to obtain free
copies of the registration statement, the joint proxy
statement/prospectus and all other relevant documents filed or that
will be filed with the SEC by Banc of California or PacWest through
the website maintained by the SEC at www.sec.gov.
The documents filed by Banc of California or PacWest with the
SEC also may be obtained free of charge at Banc of California’s or
PacWest’s website at https://investors.bancofcal.com, under the
heading “Financials and Filings” or www.pacwestbancorp.com, under
the heading “SEC Filings,” respectively, or upon written request to
Banc of California, Attention: Investor Relations, 3 MacArthur
Place, Santa Ana, CA 92707 or PacWest, Attention: Investor
Relations, 9701 Wilshire Boulevard, Suite 700, Beverly Hills, CA
90212, respectively.
Participants in Solicitation
Banc of California and PacWest and their respective directors
and executive officers may be deemed to be participants in the
solicitation of proxies from Banc of California’s stockholders or
PacWest’s stockholders in connection with the proposed transaction
under the rules of the SEC. Banc of California’s stockholders,
PacWest’s stockholders and other interested persons will be able to
obtain, without charge, more detailed information regarding the
names, affiliations and interests of directors and executive
officers of Banc of California and PacWest in Banc of California’s
registration statement on Form S-4 that will be filed, as well
other documents filed by Banc of California or PacWest from time to
time with the SEC. Other information regarding persons who may,
under the rules of the SEC, be deemed the participants in the proxy
solicitation of Banc of California’s or PacWest’s stockholders in
connection with the proposed transaction and a description of their
direct and indirect interests, by security holdings or otherwise,
will be included in the preliminary joint proxy
statement/prospectus and will be contained in other relevant
materials to be filed with the SEC regarding the proposed
transaction (if and when they become available). You may obtain
free copies of these documents at the SEC’s website at www.sec.gov.
Copies of documents filed with the SEC by Banc of California or
PacWest will also be available free of charge from Banc of
California or PacWest using the contact information above.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230725870171/en/
Investor Relations Inquiries:
Banc of California, Inc.
(855) 361-2262 Jared Wolff, (949) 385-8700
PacWest Bancorp
Kevin L. Thompson (303) 802-8934
William J. Black (919) 597-7466
Media Inquiries:
Prosek Partners
Aiden Woglom awoglom@prosek.com (323) 596-8912
Kiki O'Keeffe kokeeffe@prosek.com (203) 915-4936
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